By: Hana Saada
ALGIERS– The People’s Credit of Algeria (CPA) provides loans for the acquisition of cars manufactured locally according to the Islamic formula in addition to conventional loans, announced the general manager of this public bank, Ali Kadri, report several media.
Ali Kadri said that “the Islamic bank will play an important role in the acquisition of new locally manufactured cars”, offering products that comply with Islamic law, including Murabaha.
The same official also indicated that the formula of Islamic financing for the acquisition of cars will offer an alternative to citizens who refuse to use conventional loans, believing that this will “broaden the circle of offers from which the bank’s customers will benefit”.
The bank is also currently attaching great importance to the development of its “e-Banking” service for the benefit of its customers. In this context, Ali Kadri revealed that the bank has issued more than 677,000 bank cards for individuals and up to 55,000 cards for professionals, in addition to more than 80,000 international “Visa” cards, according to figures available up to now (at the end of January 2023).
