Algeria: Islamic insurance on the cards soon
Source: Middle East Insurance Review | Oct 2020
Algeria will for the first time launch Islamic insurance as the government seeks to boost the country’s Islamic finance industry, reported Reuters quoting the country’s finance minister Ayman Benabderrahmane.
This announcement follows a move by state banks to start offering Islamic finance products in a bid to attract money from the parallel market, said Mr Benabderrahmane. The government has said shariah-compliant services would help diversify the economy, which currently relies heavily on oil and gas export revenues, said the report.
The Finance Law 2020 provides for Algerian insurance companies to carry out takaful operations. Related implementing regulations will clarify the requirements for conducting such business. M