BY/ Hana Saada
ALGIERS- The People’s Credit of Algeria (CPA) will soon launch, within the framework of the Islamic finance, new financing products intended for investment projects, in particular the financing of the supply of raw materials for companies, indicated the head of the department of Islamic finance at this public bank, Sofiane Mazari.
The same official specified that “the new orientation of the public bank relates to the accompaniment of the companies wishing to concretize investment projects through the financing of the supply of the raw material with the aim to contribute to the achievement of economic recovery”.
Referring to the objectives of Islamic finance, he cited “its contribution to the financing of the national economy by draining savings and reinjecting them to finance investment activity, especially since there is a legal framework governing this domain”.
These new products will be added to those of Islamic finance launched by the CPA at the end of 2022 for the benefit of companies and professionals to finance land investments and the purchase of equipment,” he said.
According to the official, the CPA has recovered, until last March, in the framework of the Islamic finance, 23 billion DA of deposits, most of them coming from individuals. He unveiled new financing products that will strengthen the current range aimed at individuals, such as; financing the development of housing.
