Algeria to launch Islamic insurance
Wednesday, 09 09 2020, Category: Islamic Insurance, Country: Algeria
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.
Algeria has announced plans to develop its economy and diversify it from oil and gas after a fall in energy earnings caused financial problems.
“Takaful will be available at state companies from next week,” Benabderrahmane told state radio.