Algiers – The National Bank of Algeria (BNA) today announced the launch of a new range of financial services and products specifically tailored for Algerian residents living abroad. This initiative aims to provide comprehensive banking solutions that cater to the unique needs of this important demographic.
The newly introduced offerings are structured within the framework of Islamic finance, providing Sharia-compliant options for banking and investment. These services include a variety of accounts designed to facilitate international transactions and savings. The BNA also announced dedicated financing solutions for real estate purchases in Algeria, utilizing established Islamic finance structures such as Murabaha, Ijara, and Istisna’a.
Murabaha, a cost-plus financing arrangement, allows Algerians abroad to purchase property with transparent pricing and pre-agreed profit margins. Ijara, or leasing, provides an alternative means of acquiring property through a lease-to-own arrangement. Istisna’a, a manufacturing contract, enables the financing of construction projects, providing a valuable tool for Algerians looking to build homes or invest in real estate development in their home country.
The BNA emphasized its commitment to supporting the Algerian diaspora and facilitating their connection with the homeland. By providing accessible and Sharia-compliant financial solutions, the bank aims to encourage investment and strengthen economic ties between Algerians abroad and Algeria. This initiative is expected to contribute to the growth of the national economy and foster a stronger sense of community among Algerians worldwide.
Details on how to access these new services and products are available at all BNA branches and on the bank’s official website. The BNA invites Algerians residing abroad to explore these opportunities and take advantage of the tailored financial solutions designed to meet their specific needs.
