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Bank ABC Algeria launches its Islamic banking window ‘alburaq’
ALGIERS, AlgeriaBank 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.