Economy

Benabderrahmane: Opening of tontine or Takaful insurance agencies before the end of the year

Prime Minister, Minister of Finance, Aïmene Benabderrahmane announced, today, Tuesday in Algiers, the opening of insurance agencies specialized in tontine or takaful, as part of Islamic banking, before the end of the current year.

In a public session devoted to responding to the concerns of members of the Council of the Nation on 2022 Finance Law, Mr. Benabderrahmane said that “Islamic banking has been a popular request since the independence by several categories of citizens and economic operators, and (its inclusion) has allowed to attract an important numbers so far, despite the short period of the launch of these transactions.

He added, “Before the end of the year, we will open insurance agencies for takaful, which is an extension of Islamic banking, as the specialists know.”

The Prime Minister added that this measure would allow the completion of the comprehensive process that the state wanted by including Islamic banking, in its takaful-insurance aspect, “as one of the effective factors in attracting informal market funds.”

Mr. Benabderrahmane called on citizens, in this respect, to take advantage of these measures (aimed at attracting informal market funds) in order to regularize their situations.

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