Algiers, October 14, 2025 – Strengthening the foundations of Islamic banking has become an urgent necessity for Algeria's economic development, according to key figures speaking at a recent symposium. The event, titled “Islamic Banking in Algeria: Prospects and Challenges,” was inaugurated on Tuesday by Ibrahim Boughali, Speaker of the People's National Assembly.In his opening address, Boughali emphasized that Islamic banking represents a crucial link between economic activity and the human values of Algerian society. He stressed that it is not merely a technical alternative to the traditional banking system but a comprehensive vision for an economy based on principles of justice, equity, solidarity, and responsibility.
Boughali further noted that the implementation of Islamic banking reflects the will of President Abdelmadjid Tebboune to diversify financing tools and enhance financial inclusion to advance the national economy. This aligns with the aspirations of citizens and ensures a human and societal dimension in financial transactions.
The Speaker of the People’s National Assembly highlighted the growing importance of Islamic banking, citing its ability to provide modern financing alternatives compliant with Islamic Sharia law and responsive to the demands of contemporary development. He emphasized that this growth is crucial for Algeria’s economic future.
To achieve the desired objectives, Boughali underscored the importance of establishing a flexible and integrated legal and regulatory framework. He also stressed the need to ensure the development of qualified expertise in financial jurisprudence and risk management. Additionally, he called for deepening societal awareness of the benefits of Islamic banking and developing Islamic financial products that keep pace with digital transformation and enhance competition in both the local and international markets.
Boughali concluded his speech by emphasizing that the success of the Algerian experience in Islamic banking depends on the integration of efforts between the state, financial institutions, scholars, experts, and investors. He considered the biggest challenge to be transforming Islamic banking into a strategic pillar of the national economy, contributing to diversifying sources of financing and strengthening citizens’ trust in their financial institutions. He believes this is key to long-term economic stability and growth.
The symposium aims to explore the potential of Islamic finance to contribute to Algeria’s economic diversification strategy and address the challenges facing its implementation. Discussions are expected to focus on regulatory frameworks, product development, and talent acquisition within the Islamic banking sector. #IslamicBanking
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Written by Noor Eleslam
