By Hamid Ould AhmedALGIERS, Sept 7 (Reuters) - Algeria will for the first time launch Islamic insurance, known as takaful, as the government seeks to boost the country's Islamic finance industry, Finance Minister Ayman Benabderrahmane said on Monday. Benabderrahmane also said authorities planned to set up banks in African countries as part of wider economic reforms in the North African OPEC member nation. That step follows a move by state banks last month to start offering Islamic finance products in a bid to attract money from the parallel market, he said. The next steps include expanding abroad by setting up banks in African countries, mainly in neighboring Niger and Mali, Benabderrahmane said. "Opening an Algerian bank in Africa has become necessary in order for Algeria to gain access to the African market," he said.

Source: The North Africa Journal September 07, 2020 21:22 UTC