Islamic Banks Achieve A Record In Algerian Market

Islamic banks that are active in Algeria, represented by Al Salam and Al Baraka, have achieved a record in the marketing of Algerian cars by installments since the beginning of the year, despite the coinciding with the social popular movement and the decline in the demand for many products.

These banks were able to market more than 10.000 domestic vehicles in a period of time that did not exceed 150 days, with a total financial value that is equivalent to DZD 115 billion, of which DZD 6.5 billion were realized by Al Baraka Bank and DZD 5 billion as consumer loans at Al Salam Bank.

General Manager of Al Salam Bank, Nacer Haidar, denied in a statement Echorouk the inclusion of vehicles less than 3 years old in the list of vehicles that are concerned with the consumer loan.

“The project is currently at the government table, and it concerns vehicles that are imported from abroad, while consumer financing includes only Algerian-made vehicles and installation while expressing his joy for the results that were achieved by the bank in the marketing of Algerian cars by installments.

Renault’s “Stepway” Cars Are The Most Popular, Followed By “Picanto” And “Ibiza”

In a related context, the head of the commercial development sector at the level of Al Salam Bank, Sofiane Djebaili, said in a statement to Echorouk that Al Salam Bank was able to market 4300 cars since the beginning of January 2019, worth a financial equivalent of DZD 50 billion, a number that is considered a record and measured in a short period, as the manufactured vehicles in Algeria received an unprecedented turnout, and the Renault’s Stepway took the lead, followed by KIA’s Picanto and Volkswagen’s Seat Ibiza, then Hyundai’s Idis and Accent.

15.000 Algerians Wait For The Installation Plants To Provide DZ Cars

The spokesman explained that the demand for Algerian cars is still ongoing, where there is at the table of Al Salam Bank today 15.000 applications for the acquisition of a homemade vehicle, which are being studied to consider the compatibility of their files of what should be and the readiness of installation plants that do not appear to have enough to fill the high demand for domestic cars, while confirming that Al Salam bank published through its website all the data and details of available cars and new models.

For his part, the marketing manager of Al Baraka Bank, Said Karim, revealed a record of his bank by marketing 5750 vehicles that are manufactured in Algeria with interest-free loans with a value of DZD 65 billion, a record and significant figure that reveals the high demand for Algerian cars at Al Baraka Bank.

“Al-Baraka Bank has been a pioneer in the launch of Islamic finance in Algeria. The electronic services package that was launched by the bank, such as the CEP card and the Internet service, which was launched one year ago, provides the transfer of money from one bank to another, and other services, all of which contribute to the development of financial transactions at the level of Al Baraka Bank”.