Religious Affairs Ministry set to issue binding religious decree on vexed “interest fees” issue

The Algerian religious affairs minister Bouabdallah Ghoulamallah has announced the holding shortly of a broad-based meeting bringing together religious scholars and leading preachers from the four corners of the country with the aim of issuing a final religious decree on the validity or not of the installment purchases with interest bonuses made regularly by countless citizens here in Algeria.

The staggered buying of vehicles, household appliances and other commodities with the paying of an interest fee to the banking institutions is still the subject of divisive opinions in Algeria with some religious scholars allowing such a practice  while others argue that the paying of any interest fee is totally in contradiction with the precepts of the Islamic law or Sharia.

Replying to an MP’s question at the council of the nation or upper house of Pariament on Thursday, the religious affairs minister stressed that the upcoming encounter of eminent Algerian religious scholars would thoroughly examine the ins and outs of this pending issue soon.

Mr Bouabdallah Ghoulamallah added that this timely meeting would be crowned with a binding religious decree stipulating the validity or not of those installment purchases involving interest fees in order to put a definitive end to the current confusion and murkiness surrounding this outstanding issue among the Algerian population.

In a separate file, the religious affairs minister dwelt on the new conditions set for the Ramadhan Omra and the next Hadj pilgrimage by Algerians to the holy places  of Islam in Mecca and Medina, stressing that he was regularly in contact with the relevant Saudi authorities to straighten things at all levels for the benefit of all pilgrims.