Ghoulamallah: “Binding religious decree or Fatwa on controversial interest fees’ issue is in the making”

The Algerian religious affairs Minister, Bouabdallah Ghoulamallah, has announced the setting up of a broad-based commission entrusted with releasing a binding Fatwa or religious decree in the very near future in a bid to put an end to the lingering controversy over the validity or the non-validity of banking interest fees among large segments of the Algerian population.

Taking the floor on Sunday during the inauguration of a new religious  affairs Institute in the eastern province of Batna, Mr Ghoulamallah said that such a commission was made up of prominent Algerian religious scholars hailing from the four corners of Algeria.

The binding Fatwa or religious ruling to be agreed upon by these religious scholars after a thorough study, will halt once and for all the confusion and murkiness surrounding the banking interest bonuses issue thus allowing the citizens eager to make installment purchases for instance to make the necessary arrangements with full knowledge of the facts in total conformity with the precepts of the Islamic law or Sharia.

The religious affairs Minister added that this national binding Fatwa would dispel once and for all any undue influence on the matter exerted on some baffled people from other countries.

In a separate file, Mr Ghoulamallah said that the Algerian Muslim community based in France was fully entitled to require a significant representation within the Islamic French council as part of the ongoing election process set in motion to this effect.

He also announced that over 100 Algerian Imams or preachers would be sent to France to conduct late- night or “Tarawih” prayers in various mosques during the upcoming holy month of fasting of Ramadhan.