ALGIERS: Algeria has launched Islamic finance products in a bid to attract money from the informal market, but bankers warn it will take more to fix the country’s struggling economy. Islamic finance — the provision of financial services in accordance with religious laws — is a fast growing sector that has been adopted in many Muslim countries. Only two other private banks, subsidiaries of the Bahrain-based Baraka Bank and Al Salam Bank, offer Islamic finance services in Algeria. Most foreign banks are also planning to sell Islamic finance products too. According to several studies, Islamic finance products are often more expensive that those provided by the traditional banking sector.

Source: Manila Times August 16, 2020 07:18 UTC