Islamic credits for the acquisition of locally manufactured cars

ALGIERS- The People’s Credit Bank of Algeria (CPA) offers loans under the formula of Islamic finance for the acquisition of locally manufactured cars, in addition to conventional loans, announced the director general of the CPA, Ali Kadri.

In an interview granted to the daily “El-Khabar” published on Sunday, Mr. Kadri said that Islamic finance will play an important role in the operations of acquisition of new cars manufactured locally, and this, through the proposal of products comply with Sharia, in particular, Murabaha.

The formula of Islamic finance for the acquisition of cars will offer an alternative to citizens who refuse any transaction in conventional credits, specified the same official, believing that this will make it possible to widen the offers proposed to the customers of the bank.

In addition, the CEO of CPA highlighted the bank’s efforts in the field of modernization of banking services, noting that CPA “was the first bank in Algeria to have issued, in the early 1990s, local bank cards allowing cash to be withdrawn from ATMs, as well as Visa cards”.

The bank is currently paying particular attention to the development of the “e-banking” service for the benefit of its customers.

677. Kadri reported, in this sense, the issuance of more than 677,000 interbank cards (CIB) and more than 55,000 CIB to professionals, in addition to more than 80,000 Visa cards, according to data available until the end of January 2023.

With the aim of encouraging payment via CIBs, Mr. Kadri reported the distribution of 7,625 local electronic payment terminals, and 517 international payment devices, while the bank has 158 ATMs.

Regarding the remote payment services offered by the CPA, Mr. Kadri said that they offered customers the opportunity to easily pay their water, electricity and gas bills, in addition to utility bills. rent of “AADL” housing.