2023-09-16 15:32:55
ALGIERS – Customers of Crédit Populaire d’Algérie (CPA) who have benefited from traditional credits for the acquisition of LPP housing can now, since September 1, transfer this financing to the “Idjara real estate” formula (Rental leading to property), falling under Islamic Finance, indicated the head of the Islamic Finance department at the CPA, Mr. Sofiane Mazari.
The relaunch of the LPP housing financing mechanism according to the Islamic Finance formula by the CPA, comes in execution of the agreement signed, in 2021, between the bank and the National Real Estate Development Company (ENPI) in 2021, indicated M Mazari in a statement to APS.
The beneficiaries of LPP housing wishing to obtain a loan for the purchase of their housing according to the “Idjara Immobilier” formula, had signed a commitment converting traditional financing to formulas compliant with the precepts of Sharia, pending the entry into force effective of the agreement.
Bank customers who have signed this commitment can now carry out this conversion, and beneficiaries who had not signed the commitment can also convert to formulas compliant with the precepts of Sharia under certain conditions, according to the same officials. .
Islamic finance deposits with the bank increase by 120% at the end of August on an annual basis
Mr. Mazari revealed that the CPA recorded a considerable increase in deposits within the framework of Islamic finance activity, estimated at 30.7 billion DA until the end of August, i.e. a rate of 120 % on an annual basis.
Read also: CPA: traditional credits can be converted into Islamic financing for LPP subscribers from September
The bank has experienced, this year, “the recovery of considerable resources, especially since it has recorded a growth rate in deposits, either through savings accounts or checking accounts, exceeding 100%, which which is important, according to the manager who notes that the value of deposits recorded at the end of August of last year was estimated at 14.01 billion DA.
On a monthly basis, deposits experience, within the framework of Islamic finance within the same banking establishment, a growth rate oscillating between 7% and 8%, according to the latest data from the public bank which is currently recording, following approximately two years and a half of the launch of its Islamic finance services, 28 products including 7 banking products relating to savings and 21 financing products intended for individuals, professionals and establishments.
The number of accounts opened has also doubled at the level of the 100 counters dedicated to Islamic finance, going from some 21,500 accounts in August 2022 to 42,300 accounts at the end of August of the current year 2023.
According to the same manager, a program has been drawn up to create 10 agencies dedicated to Islamic finance, 5 of which will be received before the end of the current year, with the aim of consolidating rapprochement with clients, while by improving their support, in view of “the very strong demand recorded for Islamic banking products”.
According to Mr. Mazari, the most requested product at the bank is the “Mourabaha Equipment” credit which allows customers to purchase locally produced furniture and household appliances.
1694888658
#transfer #traditional #credits #CPA #Islamic #Finance
