The establishment of the first Tunisian Islamic bank in Algeria was decided following the modification of rule 51/49 governing foreign investment in the Algerian banking sector.
Banque Zitouna, the first Islamic banking establishment in Tunisia, plans to launch a subsidiary in Algeria, according to the draft resolutions submitted to shareholders at an ordinary general meeting on February 2, 2024.
This meeting will be held to “deliberate on the approval of the creation of Banque Zitouna Algeria”, specified by the board of directors of the bank in the summons addressed to shareholders.
Zitouna Bank was founded in 2009 by Tunisian businessman Mohamed Sakhr El Materi, son-in-law of former president Zine el-Abidine Ben Ali. It was confiscated by the State following the 2011 Revolution, before being sold in 2018 to the Qatari group Majda.
The Tunisian bank project in Algeria follows the modification of rule 51/49 governing foreign investment in this country. This controversial rule, which does not allow foreign investors to hold more than 49% of Algerian companies, no longer concerns the banking sector.
New provisions of the Algerian Investment Code now authorize foreign investors to hold up to 66% of the capital of local banks.
