The Minister of Finance, Brahim Djamel Kassali, announced today, Monday in Algiers, that the legal and regulatory framework governing the Islamic checks or sukuk market will be launched during 2023, calling on the banking institutions active in the arena to popularize Islamic banking products to achieve financial inclusion.
During the information day devoted to the outcome and future prospects of Islamic banking, the minister stressed that “The ministry intends to set up the legal and regulatory framework for the Islamic sukuk market within a period not exceeding 2023, in order to create an environment conducive to the growth and development of the Islamic financial system in Algeria.”
Mr. Kassali added that in addition to launching Islamic banking products in banks, the executive decree for Takaful insurance was issued, which allowed the establishment of two public companies that practice “exclusively” Takaful insurance operations, in addition to opening five windows in traditional insurance companies dedicated to this type of insurance.
This meeting deals with the development witnessed by the banking scene in the country in Islamic banking, with a focus on highlighting the achievements recorded in this field.
The proceedings of the meeting organized by the Association of Banks and Financial Institutions revolves around two sessions, the first devoted to the outcome of Islamic banking in Algeria and the achievements made in addition to the role of the Bank of Algeria in developing it, as well as the achievements of the insurance sector in the field of Takaful insurance.
As for the second session, it mainly focuses on the future prospects of Islamic banking in the banking field, Takaful insurance, the financial market, as well as endowments and zakat.
