Samir Rezzak, Director of Islamic Banking at Bank ABC Algeria, has announced the development of new financing products, supported by the new facilities introduced under the 2025 Finance Law.
Enhanced Islamic Banking Services
Speaking to the press, Samir Rezzak explained that Bank ABC is currently offering financing for household items, including electronic appliances, and a housing finance product under the rent-to-own model.
The 2025 Finance Law has paved the way for additional offerings tailored to individual needs. These include three new products focused on:
1. Health Expenses Financing
2. Travel and Tourism Expenses Financing
3. Education and Study Expenses Financing
Loan Details and Repayment Terms
Rezzak highlighted that the maximum loan amount available is 1.5 million DZD ($11.1k), with repayment periods ranging from 24 to 36 months, depending on the service.
Eligibility Criteria
To qualify for these loans, applicants must meet the following requirements:
• Have a monthly salary deposited into a Bank ABC account or an account at Algiers Post.
• Commit to automatic debits from their bank account to meet repayment deadlines.
Supporting the Economy through Islamic Banking
The introduction of these new products aligns with Bank ABC Algeria’s vision to expand its Islamic banking portfolio and offer innovative, Sharia-compliant financial solutions. By addressing essential services such as healthcare, education, and travel, the bank aims to enhance financial inclusion and meet the diverse needs of its customers.
Comments