Algeria: “Halal” Loans For The Purchase Of Ibiza, Cadi and Picanto Vehicles

“Al Salam Algeria Bank” announced that it has started financing individuals who want to purchase new cars in Algeria, such as SEAT Ibiza, Cadi of Volkswagen, and Kia Picanto, in the form of installment sales.

The relevant bank has already purchased a number of these vehicles at the authorized dealerships for the benefit of Al Salam Bank Algeria.

According to a statement issued by Al Salam Bank received by “Echorouk”, the Algerian bank would like to buy the vehicles in question in accordance with Sharia-compliant financing, by guaranteeing that the applicants will pay the full amount due to the Bank by installments within 60 months.

“Al Salam Bank Algeria” has signed several agreements with agents and distributors of locally manufactured cars, who will provide this financial institution with some quantities of cars so as to allow it to live up to the increasing demand of its customers and ensure delivery of their cars within 45 days within available quantities.