Algeria: 23 Thousand Imams To Benefit From Free-Interest Bank Loans

The Ministry of Religious Affairs and Endowments officially decided to exploit the Endowments (Waqf) lands by converting them into factories, hotels, tourist resorts and economic institutions with the aim of injecting fresh money into the treasury of religious affairs department and creating new job opportunities in the light of the continuing economic crisis stemming from the steep decline in the country’s oil revenues.

The Minister of Religious Affairs and Endowments Mr. Mohamed Aissa asserted on Sunday, on the sidelines of the signing of a partnership agreement with Al Baraka Bank for the benefit of imams and employees of the religious affairs and endowments sector that the latter could now benefit from consumer bank loans and resort, if need be, to this financial institution once again within the framework of an investment project to soundly exploit the economic endowments.

He said that many neglected areas across the national territory could be converted into tourist resorts and economic firms in cooperation with experienced economic operators, stressing that part of these proceeds will be injected into the funds in the treasury of the Ministry, and these endowments  revenues, he added,  will contribute to lessening the cash liquidity in light of the current economic and financial crisis besetting the country.

The Director-General of Al Baraka Bank Mohamed Al-Siddiq for his part dwelt on the partnership signed with the Ministry of Religious Affairs, which will involve 25 thousand employees, including 23 thousand imams who will benefit from preferential offers in consumer loans, and with on prime focus those  low-income employees who receive a monthly salary of less than 25 thousand dinars.

Under the agreement, the free-interest bank loan’s amount is set at 320 million centimes for the purchase of a vehicle and 100 million centimes for the purchase of household appliances, furniture and building materials. 

The first loan of 320 million centimes granted to the recipient must be repaid within 60 months or 5 years and the second loan of 100 million centimes should be reimbursed within a 4 year period.