Sofiane Mazari, Head of the Islamic Banking Department at the Algerian Popular Credit Bank, announced that, as of the beginning of this September, Algerian Popular Credit Bank customers who obtained classic loans for the purchase of public housing estates (BB) will be able to convert these financings to the Islamic formula known as “ Ijarah ending with ownership.
According to the same speaker, the activation of the mechanism for financing public housing developments in the form of Islamic banking comes from the Algerian Popular Credit, in implementation of the agreement concluded in this regard between the bank and the National Foundation for Real Estate Promotion in 2021.
The beneficiaries of Al-Tarqawi public housing who wished to obtain a loan to finance the purchase of their homes through Islamic banking had signed a commitment on their part requiring the transfer of financing from the classical formula to formulas compatible with Sharia, pending the latter’s actual entry into force.
