Al-Shakara’s money … Algerians invest $ 90 billion in banks for fear of usury

Algerian banks are trying to convince Algerians who invest their money in informal channels of the enormous amount of their money at their disposal, which a local official has estimated at “$ 90 billion”.

Algerian newspaper Al-Shorouk said the “Supreme Islamic Council” has launched a campaign to persuade businessmen and traders to “pump their accumulated funds outside official channels, which amount to nearly $ 90 billion. of dollars, in banks according to Islamic banking formulas, given that the suspicion of usury is at the origin of the reluctance of a large number of Algerians with the banks.

Council Chairman Bu Abdullah Ghulam Allah revealed that he recently held meetings with economic merchants and businessmen to convince them of Sharia-compliant financial transactions in banks.

Gholamallah said the Algerian economy “is now in the hands of private traders and factory owners”, but they are required to withdraw their savings from the “shakara”.

It comes as six state-owned banks launched ‘Islamic law-compliant’ services and products, the latest of which was the Algerian Foreign Bank two weeks ago and the Local Development Bank, which started. Monday to release nine Islamic banking products, according to the newspaper.

The Algerian news agency quoted the Bank’s general manager, Youssef Lallmas, during the launching ceremony of the first Islamic account in an agency affiliated with it, that the bank’s Islamic stock exchange, which bears the name “Al -Badil “, also to be launched at eight other agencies during the month of January.

The bank’s services include the “real estate lease ending in ownership” for individuals, the “automobile Murabaha” for individuals, the “consumption Murabaha” for individuals, the investment Murabaha for communities, as well as the operating Murabaha. for communities.

It also includes “Islamic Current Account”, “Islamic Checking Account”, “Savings Account” and “Mudaraba Investment Account Deposits”.

The spokesperson revealed at a press conference following the inauguration of the account that the bank will act as an intermediary to recover “sleep money” from the black market through various banking services. Islamic exchange.

He concluded by stressing that “this enterprise is part of the efforts aimed at financial integration and the generalization of Islamic banking throughout the national territory”, according to the press agency.

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