February 7, 2023

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Al-Shaqarah's money ... Algerians are investing $ 90 billion in banks out of fear of interest

Al-Shaqarah’s money … Algerians are investing $ 90 billion in banks out of fear of interest

Algerian banks are trying to persuade Algerians to invest large sums of money in informal channels, with a local official estimating “$ 90 billion”.

According to the Algerian newspaper Al-Shorouk, the “Supreme Islamic Council” has launched a campaign to persuade traders and merchants to pay their accumulated funds outside the official channels to the banks in accordance with Islamic banking formulas, with nearly $ 90 billion. .

The chairman of the council, Pu Abdullah Ghulam Allah, said he had recently arranged meetings with economists and businessmen to convince them of Shariah-compliant financial transactions in banks.

Kolamalla said the Algerian economy is “in the hands of private dealers and factory owners today”, but they should take their savings from “Shakara”.

This comes at a time when six public sector banks are launching services and products “in accordance with Islamic law”, the most recent of which is the Algerian Foreign Bank, two weeks ago, and the Local Development Bank, which began distributing nine Islamic bank products on Monday. According to the newspaper.

Yusuf Lalmas, director general of the bank’s Algerian news agency, said during the opening ceremony of the first Islamic account in the affiliated agency, the bank’s Islamic exchange, named “Al-Badil”, will be launched in January at the level of eight other agencies.

The bank’s services include “ownership ending real estate leasing” for individuals, “car murabaha” for individuals, “investment murabaha” for individuals, “investment murabaha” for companies and “exploitation murabaha” for companies.

These include “Islamic Current Account”, “Islamic Verification Account”, “Savings Account” and “Mudaraba Investment Account Deposits”.

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During a press conference following the opening of the account, a spokesman revealed that the bank would act as an intermediary to recover “sleeping money” on the black market through various Islamic exchange services.

“This initiative comes within the framework of efforts aimed at financial integration and the generalization of Islamic banking across the entire national territory,” he concluded.

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