Member of the Supreme Islamic Council, Kamel Bouzidi, in Ghardaia, confirmed that all the products proposed by the windows directed to Islamic banking at the bank level in Algeria are consistent with the principles and teachings of Islamic Sharia or Law.

Muslim scholar Bouzidi, who is also Vice President of the International Islamic Jurisprudence Academy, explained at the conclusion of an awareness-raising meeting on Islamic banking, which was organized at the initiative of the Chamber of Commerce and Industry “Mizab” in cooperation with the Directorate of the Local Agency of the National Bank of Algeria within the framework of reviving economic development, that the financial products of Islamic banking windows is approved and in line with the teachings and precepts of our Islamic religion.

For his part, Mr Louadj, a member of the Supreme Islamic Council and a specialist in Islamic banking, Mohamed Boudjelal, stated that this meeting is an opportunity to enlighten the audience on various aspects related to Islamic finance, which falls within the framework of diversifying the sources of funding for the national economy.

The same speaker pointed out that this form of financing the national economy has borne fruit through open windows at the level of six public banks and four private banks. He added that this Islamic financing can form a pillar of economic development in our country.

During this meeting, the participants highlighted the working method of Islamic finance windows, while emphasizing that the Islamic banking sector in Algeria has many opportunities to develop and enhance its contribution to the national economy.

On this occasion, several participants called for the dissemination of “fatwas” or religious decrees to assure customers that the products proposed by banks are compatible with the teachings of Islam in various investment sectors, especially in the agricultural field.

Kahina Bouaouina / English Version : Med.B.