Finance Essay

1650 WordsMay 20, 20127 Pages
Prospects and problems for Islamic Finance in Algeria « Islamic Fi... http://ifinanceexpert.wordpress.com/2010/02/05/islamic-finance-in... Islamic Finance Expert IFE Contains the updated news, articles and resources on Islamic Finance industry around the world, translated and gathered from various sources for students, academics, professionals and researchers – Author Home Author Disclaimer Prospects and problems for Islamic Finance in Algeria Interview with Ben Terdeyet Zubair, founder of Isla-Investment Q : There are currently only two Islamic banks in Algeria, why? Zubair bin Terdeyet: Al Baraka Bank of Algeria was the first private bank in the country in 1991 but the events which hit Algeria, have hindered several years developing the Algerian banking sector as a whole. Only very recently that new banks have started to enter the country because it creates great interest to foreign banks at once applications are now too many and there is a syndrome “Khalifa” which pushing the Bank of Algeria to be very cautious in these awards amenities. Other Islamic banks have applied for accreditation (Abu Dhabi Islamic Bank and Kuwait Finance House, editor’s note), it was not until just the answers but we believe this market will grow rapidly. The question is whether the local one days will launch an Islamic bank with capital of 100% Algerian. Q :What obstacles are internal to the development of Islamic finance? ZBT: The brakes are psychological as it is not easy to accept a new system when you think that existing is unique and perfect. Today, the financial crisis has challenged the supremacy of the conventional system. It is then that the regulatory and tax environment are appropriate. It should send positive signals to foreign investors trying to establish a banking system with international standards. For Islamic finance is primarily of conventional finance

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