The Islamic window of the Banque Extérieure d'Algérie (BEA) has estimated the total amount of deposits at 21 billion DA in less than one and half years of activities. The information was given by the director of Islamic finance of the banking institution, Mr. Hassam Akacha, in a statement to APS (Algérie Presse Service). Mr. Akacha described this result as "positive, reflecting the adhesion of customers to this financing formula". He also said that "the bank has managed in a short time, less than a year and a half, to raise 21 billion (DA) deposits from individuals, companies and professionals in the field of Islamic finance".
According to Mr. Akacha, BEA's Islamic finance does not intend to rest on its laurels. On the contrary, it plans to expand its distribution network of Islamic finance products as part of its 2023 development program, based on the generalization of windows dedicated to this mode of financing at the national level and the diversification of its product range. Thus, he stressed that
...new innovative Islamic banking products will be proposed for financing private and professional companies, which will be added to the products currently marketed, including facilities for the purchase of vehicles, pending the start of their local manufacturing.
As a reminder, the Islamic window of the BEA officially started its activities on 30 December 2021. And until the end of last week, it already had to its credit: more than 12,400 customers and 60 Islamic finance windows spread over all wilayas of the country. It offers 10 products that comply with the provisions of Islamic law and are approved by competent authorities. These are the "Islamic deposit account", the "Islamic savings account", the "unrestricted term investment deposit account", the "real estate Murabaha", the "equipment Murabaha", the "mobile equipment rental", the " commodities Murabaha" and the "Salam financing".
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