The amount of more than 21.5 billion Da in deposits was raised at the various counters of the People’s Credit of Algeria (CPA) dedicated to Islamic finance, said Monday the head of the Islamic finance division of the CPA, Sofiane Mazari, reports the official agency.
The same official affirmed that these “very encouraging results” show the interest that this funding formula arouses among citizens.
“We have achieved very encouraging results with more than 21.5 billion Da raised within the framework of Islamic finance, including more than 20 billion Da from individuals and 1 billion from companies (legal entities), which reflects the ‘customer enthusiasm for this type of financing,’ Mr. Mazari told APS.
Two years after its launch, Islamic finance has attracted more than 30,000 customers, thanks to 11 products offered under this formula through 93 counters, he said.
Regarding the possibility of converting conventional financing into Islamic financing, the same official said that “solutions exist” in this direction. And to add: “We are currently studying the file. It is necessary to have the required permissions.
We will find a solution in the coming months,” he said.
The CPA “has adhered to the Government’s action plan to achieve financial inclusion through the diversification of financing and banking products”, assured Mr. Mazari who announced that new products will be added to those already existing. in the context of Islamic finance, before the end of the year.
“New products will soon be introduced before the end of the current year for the financing of legal and natural persons, in particular professionals, including financing for the purchase of a car. We are waiting for the start of local automobile construction to launch this financing formula,” he concluded.
