Salem Banque

Islamic finance in Algeria has 15 % market share

Currently three Islamic financial institutions exists with a market share of 15 %: El Baraka Bank, Salem Banque and Salama Assurance. The figures are quoted by Hideur Nacer, secretary general of El Baraka, saying that the sector is about Dinar 100 bn annually, 15 % of the private market and 1.5 % of the public sector market.

Two foreign entities, Abu Dhabi Islamic and Haider Islam are said looking to enter the Algerian market. Main obstacle is supposedly the partnership rules in regulation (49-51 %) and high capital requirements of Euro 100 mn.

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