“Halal” financial margins to be replaced by banks’ money-landing interests starting from October

Banks will free, starting from October, new financial services to the Algerians who refuse the benefit in the context of religious beliefs, and that by enabling them to benefit from the financial margins, rather than any interests, a process that is prepared in coordination with the Finance Ministry services.

Finance Minister, Abderrahmane Ben Khalfa, revealed in response to Echorouk question, on Sunday, on the sidelines of the CNAS meeting in Djenane El Mithak, on the new measures that were taken to deposit money in banks without any interest that the government will launch on October, “Halal margins” to Algerians who refuse the banks’ money landing interests for contractual reasons.

“Parallel to that the government asks citizens to choose between profit margins, interests or leave this interest in bank balances without taking them.”

“Banks strive to complete the project, which will be ready by the beginning of October, in order to enable all the categories, depending on their views and impression, from pumping money in the financial and banking institutions, without any problems. Recovery of funds through the official channels will be from the parallel market, and it is still ongoing, a process that experienced success during the last period. Disclosure of the proceeds will not be today, but after some time and this to be able the collection of all data and indicators.”

“Citizens are invited to deposit their savings in banks, according to the interests’ margins, to protect them from the critical benefits that many avoid and which stand until now behind the reluctance of many of the owners of the funds to deal with the banking institutions.”

“Not far from it, all the banks are considering the possibility of raising interest rates for people who put large sums of money at the level of these institutions. The Algerian who pumps more money for longer period of time is the one who will obtain the larger benefit.”

“I call upon all citizens, traders and businessmen to stay away from the parallel market and pump their money on the level of official channels, a process that was initiated by the government from the beginning of last July.”

“Algeria’s financial situation is good and the treasury is away from the debt, which makes the scenario of 1986 crisis very unlikely. The external debt does not exceed 0.5%, while the internal debt is less than 8%, which is what keeps Algeria spared of any crisis. “