Islamic Banking Market in Algeria Surpasses DZD 1 Trillion

The Islamic banking market in Algeria has surpassed DZD 1 trillion, as banks move to expand their services to include international payment solutions, notably Islamic “Visa” cards, amid the growing importance of bank cards in accessing the country’s EUR 750 foreign-exchange allowance.
Customers of Islamic banks can now also benefit from Islamic interbank cards and international payment cards compliant with Islamic banking principles, with some cards reportedly available within 48 hours.

In this regard, Soufiane Mezari, Head of Islamic Banking at Arab Bank and a member of the Islamic Banking Committee of the Algerian Banks and Financial Institutions Association, told Echorouk that the development and growth trajectory of Islamic banking in Algeria, six years after the launch of its first Islamic windows, has been “extremely encouraging,” given the sector’s expansion and the growing range of services and products available.

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