Algeria to Launch Takaful Services, as Government Seeks to Boost Islamic Finance Industry: Finance Minister
September 09, 2020
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Email Algeria will be launching Islamic insurance facilities, also known as Takaful, for the first time according to Finance Minister, Ayman Benabderrahmane, as the Government of Algeria looks to enhance the country’s Islamic finance industry.
According to media reports, Benabderrahmane announced that state companies would be implementing Takaful services from mid-September 2020.
The announcement comes on the back of a move in August 2020 to launch Islamic finance products in state-owned banks, as the Government is looking for new funding sources through Shariah-compliant services to counter financial difficulties caused by heavy reliance on oil and gas export revenues.
