Algeria to create Islamic counters in public banks

It is necessary to revise the current legal and legislative frame so that the Algerian economy will benefit in a maximum way from the country’s huge capacities, according to experts.

• Secretary General of Al-Baraka Bank of Algeria Haidar Nacer stressed the necessity of reformulating some legal texts about money and loan. This will enable Islamic banks to work in freedom and transparency.
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• He says the current law does not clearly talk about Islamic transactions. “There is a need to expand the control prerogative of the Bank of Algeria to the possibility of controlling the banks transaction working in accordance to Sharia.
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• Michel Cardona, a senior official at the French Central Bank said his country approved a set of reforms and amendments to enable Islamic banks to provide services in accordance to Sharia. At the same time, they respect the law which controls banks in France.
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• He also said there are three forms which enable Islamic banks to work in France. They are: working directly through traditional banks and opening Islamic counters, working with a European passport or accrediting an Islamic bank directly in France.
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• The French system does not distinguish between the traditional and Islamic industries provided that banks have a capital in accordance to the determined conditions.
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• General commissioner of banks Abderrahmane Ben Khalfa told Echorouk Algeria can use the French approach. “The country wants to go to those solutions by encouraging the Islamic and traditional sectors.