ALGIERS, Algeria - Bank ABC Algeria today successfully launched its Islamic banking
window in Algeria, under the brand name ‘alburaq’. The Bank has inaugurated its
first alburaq window at its Bir Mourad Rais branch in Algiers, with a roadmap
to roll out the Islamic finance offering across its network of branches in the
country. Bank ABC is the first private sector bank in Algeria to receive full
regulatory approval to operate an Islamic window, serving both corporate and
retail client segments.
Two additional windows at the Bank’s Sétif and Hassi Messaoud branches are scheduled to launch later this
year.
Commenting
on this landmark launch, Mr. Nadir
Idir, CEO of Bank ABC in Algeria added, “This is an exciting time for us and
for the Algerian market. Islamic banking is gaining traction globally and there
is a growing appetite in Algeria for Shari’a complaint Islamic banking
services. Through alburaq, Bank ABC aspires to be a pioneer of Islamic banking
in Algeria, offering optimal Shari’a compliant banking solutions while
leveraging cutting-edge digital technologies.”
“alburaq is distinguished by a unique
organisational framework and a Shari’a supervisory board comprised of renowned
senior scholars. In its initial phase, alburaq will offer 14 corporate and
retail products carefully designed in accordance with Shari’a principles to
meet the needs of institutional, business and individual clients.”
“To ensure the highest standards of Shari’a governance and
compliance, the Bank assembled a Shari’a supervisory board of eminent Shari’a scholars,
with
multi-disciplinary expertise and diverse educational backgrounds, including
economics, law and banking, to guide and oversee alburaq’s operations and
enable the delivery of the purist Islamic banking products,” he added.
Mr. Samir Rezzak, Head of Islamic Finance, Bank ABC Algeria,
highlighted that Bank ABC Algeria has received a Shariah compliance certificate
for its Islamic window “alburaq” from the National Shariah Board of Fatwa for
the Islamic Financial Industry.
“The launch of our Islamic window comes as part of the Bank
ABC’s commitment to contribute the development of the Islamic banking sector
and the wider local economy,” concluded Mr. idir.
Bank ABC Algeria will soon organise a digital webinar to
present further details of its Islamic finance offering, alburaq, to the local
market.