Algeria Launches Fatwa Authority for the Islamic Finance Industry

The High Islamic Council (HCI) of Algeria has announced the establishment of an overseeing body for the Islamic finance industry named, Charaic National Fatwa Authority (Authority) for the Islamic finance industry.

The newly formed Authority will be responsible for the issuance of Shariah-compliant certificates to banks and other financial institutions. It is expected that the Authority will also help the Bank of Algeria in domiciliation of Islamic finance in the country.

With the incorporation of the new Authority, the Algerian government aims to reduce the phenomenon of hoarding as well as to satisfy the need of its citizens who are wishing to transact in accordance with Shariah pr...