Kenza Larbas, the Marketing and Communication Director at the Agricultural and Rural Development Bank (BADR), has announced the issuance of a license for marketing new products by the Bank of Algeria. According to statements by Larbas reported by the Algerian News Agency, this move follows BADR Bank’s receipt of Sharia compliance certification from the Supreme Islamic Council for financial industries.
Larbas explained that consumer financing includes “Murabaha for household equipment,” “Murabaha for purchasing motorcycles,” and “Murabaha for car purchases,” with rates that could reach up to 90% of their value. This will be launched when locally manufactured vehicles are available.
Additionally, the bank plans to introduce other new Sharia-compliant banking products in 2024 under the “Ijara” model for financing institutions and individuals. These will be added to the current 14 marketed products, the spokesperson added.
On another note, Larbas mentioned that the bank intends to launch a new service allowing citizens to apply for financing remotely, as part of its efforts to enhance financial inclusion. This service will be available throughout the week and around the clock on its website.
Following this, appointments will be scheduled at the relevant banking agency with a customer service representative to complete the procedures.
Regarding electronic payment, the bank’s Marketing and Communication Director revealed that over 300,000 bank cards have been distributed to customers nationwide, along with more than 5,000 electronic payment devices.
