Foreign Bank of Algeria (BEA) Launches New Islamic Finance Product “Mourabaha Investment”
BY: Hana Saada
ALGIERS- Foreign Bank of Algeria (BEA) is set to introduce a new Islamic finance product, “Mourabaha Investment,” starting this Sunday, announced Lazhar Lattreche, the Director-General of the bank, during a press conference in Ouled Djellal.
Mourabaha Investment marks a significant milestone as the first product launched by a state-owned bank dedicated to financing investment operations, catering to both small and medium enterprises (SMEs) and large corporations.
Over the past eighteen months, since the initiation of Islamic finance services, BEA has undergone substantial development in this sector, offering a diverse portfolio of 11 products. Lattreche emphasized that the bank, with its 86 branches, has disbursed over 32 billion DA in consumer credits through Islamic finance.
The opening of the Ouled Djellal branch represents a pivotal moment as the first among the ten new branches established by the bank. Lattreche highlighted that the branch will provide a range of conventional and Islamic financial products.
Aziz Bouras, the Wali of Ouled Djellal, acknowledged the rapid establishment of the branch, stating that it aligns with and supports local development efforts by aiding economic operators in a region abundant with agricultural potential.
The Director-General of BEA expressed optimism about achieving a record turnover in 2024 for “Mourabaha Investment,” emphasizing the bank’s leading position nationally in terms of Islamic finance revenues.
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