Rector of Djamaâ El-Djazair introduces mechanisms to establish strong Islamic financial industry capable of enhancing social well-being in Algeria
By: Hana Saada
TIPASA– The Rector of Djamaâ El-Djazair, Cheikh Mohamed Maâmoun Al Kacimi El Hassani insisted, Wednesday in Tipasa, on the occasion of the 5th international conference on Islamic finance, on the imperative of establishing a strong Islamic financial industry in Algeria, noting that Islamic banking is based on moral foundations that make it distinct from conventional banking.
Welcoming the considerable achievements aimed at breathing new life into Islamic finance, the Rector called for more efforts for the establishment of a strong Islamic financial industry in Algeria, capable of achieving its goals which are based on Islam’s moral values; to enhance justice, equitability, and social well-being.
He also appealed to financial experts and managers of banking establishments “to adapt their systems and to offer Islamic finance products in conformity with Shariah and Qur’anic morals and values,” with the aim of attracting funds to build a strong national economy and achieve financial inclusion.
He also stressed on the imperative to diversify the Islam products in response to the demands of citizens aspiring to a diversification of sources of financing and savings, which translates positively into the development of the national economy.
“Legal and regulatory frameworks should be put in place in order to create an appropriate climate for the development of the Islamic financial industry in Algeria in line with the growing global orientation towards ethical investment,” argued Cheikh Mohamed Maâmoun Al Kacimi El Hassani.
The Rector of Djamaâ El-Djazair did not fail to refer to the need for the consecration of human, financial, organizational and technical means of this purpose. “The staff dedicated to this activity must be well trained in the fundamental principles so that they can communicate with customers and effectively market these new products,” he noted.
This 5th International Symposium on Islamic Finance is organized, on February 20-21, 2023, at the initiative of the Laboratory of Islamic Finance and Sustainable Development Studies of the University of Tipaza, in collaboration with the HCI, the International Shariah Research Academy (ISRA) of Malaysia, the Islamic Research and Training Institute (IRTI) and the Algerian Economic Club.
