IslamicFinance.de

In Algeria, three public lending institutions will start offering Islamic finance services before the end of the year. They are the Banque de l’agriculture et du développement Rural (BADR), the Caisse Nationale d’Epargne et de Prévoyance (CNEP) and the Banque de Développement Local (BDL). Currently, in Algeria only Al Baraka Bank and Salam Bank are allowed to offer participative finance products to their clients. They are in fact competing in this sector with private lenders that offer both traditional and Islamic banking services. Boualem Djebbar, president of Algerian banks and financial institutions’ association, said a democratization of Islamic finance by 2018 should be expected in the country.