Algeria said on Sunday that it has given the green light to a plan aimed at providing Islamic finance services, as the country seeks new sources of financing to cope with the financial problems of lower energy revenues.
OPEC member Algeria was affected by the drop in global crude oil prices, especially after the Corona virus pandemic.
This forced the government to cut spending and delay some of the investment projects planned this year.
The Supreme Islamic Council of Algeria said that the National Bank of Algeria has become the first public bank to obtain a Shari'a Compliance Certificate from the National Sharia Board for Fatwa for the Islamic Financial Industry.
He added in a statement that the authority is considering "granting Shari'a compliance certificates to market Islamic banking products to other banking and financial institutions."