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Mar 2024

Algeria: Al Salam Bank to launch takaful products this year

Source: Middle East Insurance Review | Mar 2018

Islamic insurance products are set to be launched in Algeria within this year by a unit of Bahraini Salam Bank.
 
   Mr Nasser Hideur, General Manager of Al Salam Bank-Algeria, said his bank will introduce insurance products in collaboration with the Bahraini Al Baraka Banking group. Mr Hideur, who spoke to Reuters, gave no further details.
 
   The Algerian Islamic lender plans to open more branches in the country seeing that the market for Islamic financial products is growing, he said.
 
   He said that the North African country needs new legislation to unlock the takaful industry’s potential.
 
   Algeria is still a nascent market for Shariah-compliant products compared to Gulf Arab countries. So far, the authorities have allowed three state banks to launch products this year as the oil-and-gas producing country wants to tap new financial sources.
 
   Public finances have been hit by a fall in oil revenues since 2014, hitting lending by dominant state banks. M 
 
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