Essalam Bank to finance housing projects in Algeria

The Vice – President of the Executive Board of “ Essalam Bank- Algeria” Hocine Mohammed Al Meiza has indicated that Algeria is magnet in the region of the Maghreb and North Africa for the Emirates’ investments, adding that Essalm Bank Algeria has raised its asset from $ 40 millions to $ 140 millions to face up to the expansion plan slated for the beginning of 2011.

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• Talking at “Echourok Forum” Hovcine Al Meiza has indicated that his bank will witness a major expansion at all levels starting from next year and will deploy its activities in the eastern and western parts of the country starting with the provinces of Oran and Setif considered among the major economic hubs in the country.
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• The bank will also start a series of professional trainings for its managers to initiate them to the Islamic banking methods in different sectors of activities including real estates, agriculture, industry and the financing of the small and medium-sized companies.
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• M Al Meiza has further added that his bank will focus during the next phase on the financing of real estate sector and more specifically the housing sector that witnesses a hectic activity in Algeria, boosted by the Algerian authorities’ decision to allocate low-rates interests’ credits for people willing to acquire houses.
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• He has indicated that the bank’s executive board has decided during its last meting in Algeria to make of the investments in housing projects their top priorities in addition to the participation in the major projects to be launched by the Algerian authorities over the next five years whose total coast will exceed $ 200 billions.
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• Echourok’s guest has further added that Essalam Bank Algeria is working for the moment to find a way to finance small and medium sized projects in Algeria. He has indicated that the plan consist in injecting money in small project according to the Islamic principles.a