BDL Bank Offers Products Without Usury Benefits

Products without benefits that are far from the suspicion of usury are launched in order to attract more funds of Algerians and contain them in the bank, General Manager of the Bank of Local Development “BDL”, Mohamed Karim, said in a press conference, on Tuesday, at the BDL bank headquarters in Algiers Staouali, that was organized for the announcement of the new measures of the bank.

“Current conditions of the country and the necessity It requires attracting financial financial deposits of Algerians without paying attention to their source.”

“Our services deal with the logic that the intention of citizens who want to deposit their money in the bank as an aid, in the framework of the national loan for economic growth”, he said in response to a question about the investigation and make sure of the source of the funds that are deposited in the bond loan context.

First official of BDL bank explained that they are not paying attention or interest in the origin and source of the funds that are deposited under the bond loan process, and the possibility of exploiting the process of bleaching and money laundering, or in other words; the participants in the loan are not required to justify the origin and source of their funds or what is known: ” From where did you get this?”.

Mohamed Karim gives a set of justifications and reasons that forced the banks to assume goodwill among the citizens and institutions and linked them to the financial situation of the country.

“Algeria was at the crossroads, either through external debt or the bonds’ loan, and here the authorities preferred to adopt the national option because the external debt is not a solution”.

In response to Echorouk question about the Algerians who avoid the banking products that include benefits and usury, including the bond loan, the General Manager of BDL bank said it will launch, by the beginning of next week, two new products without benefits in order to attract additional funds from those which do not want the benefits.

“BDL bank will seek to diversify its products in order to be accessible to everyone and provide alternatives.”

“First product is offering alternative for savings without benefits, which aims to reduce the hoarding of money at homes, and take advantage of the movement in the public interest with the possibility of withdrawing money at any time to provide liquidity to its owner at any time.”

Second offer is related to the funding of the National Company for financial Renting, which is an alternative to what is a traded financially in the banks, based on the principle of using equipment and machines through leasing, and using it economically for the owner’s gain and the payment is applied through the leasing, as the contract starts with leasing and ends with buying.