Bank ABC of Algeria, a subsidiary of Arab Banking Corporation, proceeded on Tuesday, February 16, with the official inauguration of its first “Alburaq” counter dedicated to Islamic finance. This operation follows the obtaining of authorization from the Bank of Algeria (BA) to market its Islamic finance products.
“There is a real demand for Islamic finance from corporate clients as well as individuals in Algeria. Our establishment will seize this new opportunity to expand into the country, “said Nadir Idir, Managing Director of Bank ABC Algeria. The official added that: “‘Elburaq’ is distinguished by an innovative organizational framework, guaranteeing the independence of its activity from the conventional activity of ABC bank.”
Its commercial offering, he continues, includes 14 products designed carefully and in accordance with the provisions and principles of Islamic Sharia law. This is to meet the needs of business, professional and private customers and provide it with a complete and competitive offer.
The bank will seize the huge opportunity offered by the Islamic finance market in Algeria. In this dynamic, Bank ABC announces very soon the opening of other counters in the country, particularly in the localities of Sétif and Hassi Messaoud.