Algeria Turns to Shariah-Compliant Tools in a Bid to Diversify Funding Sources

In a statement issued by Algeria’s Supreme Islamic Council (SIC), plans aimed at offering Shariah-compliant financial services were approved, as the country seeks out new funding sources to counter its financial troubles.

Algeria has been impacted by a fall in energy revenues due to oil price declines, which has been exacerbated with the on-set of COVID-19. According to media reports, these declines have compelled the Government of Algeria to cut spending and postpone some investment projects that had been planned for 2020.

According to Algeria’s SIC, the National Bank of Algeria became the first state-owned bank to obtain a Shariah-compliance certificate from the Shari...