Loading…Loading…Loading…Loading…Country guide · OIC member state
Algeria, Africa's largest country and an OIC member since 1969, opened its banking system to Islamic finance in 2020. Regulation 20-02 of the Banque d'Algérie defines Islamic finance operations as banking operations without interest, lists the products banks may offer, from murabaha and musharaka to ijara, salam and istisna'a, and requires prior authorisation and a separate Islamic window in each bank.
Sharia compliance is certified by a national body created in April 2020 within the High Islamic Council (Haut Conseil Islamique), the Autorité charaïque nationale de la fatwa pour l'industrie de la finance islamique. Public banks have since opened Islamic windows across the country. This guide lists the institutions behind each part, with their pages on Wasabih.
Yes. Banque d'Algérie Regulation 20-02 of 15 March 2020 defines Islamic finance operations and lets banks and financial institutions offer them, with the central bank's prior authorisation.
Murabaha, musharaka, mudaraba, ijara, salam, istisna'a, deposit accounts and investment account deposits.
The national Sharia fatwa authority for the Islamic finance industry, created in April 2020 within the High Islamic Council (Haut Conseil Islamique), issues conformity certificates to banks and financial institutions.
Yes. A bank offering Islamic finance must run it through a dedicated window with its own organisation and staff, financially independent from its conventional business.
Algeria has been a member state of the Organisation of Islamic Cooperation since 1969.
Part of the Halal economy in Algeria?
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