Bank ABC Algérie offers halal car loans up to 4.5 million DA
The Islamic finance product, Al Buraq Carousty, allows financing up to 90% of locally made or assembled vehicles.
Bank ABC Algérie has launched a halal car loan product, Al Buraq Carousty, through its Islamic finance window, Buraq. The financing can reach up to 4.5 million Algerian dinars for vehicles manufactured or assembled within Algeria.
This Mourabaha transaction, compliant with Islamic law, involves the bank purchasing the vehicle and reselling it to the client at a marked-up price, payable in installments over a maximum of five years. The loan covers up to 90% of the vehicle's cost and is available to salaried employees and retirees.
Bank ABC Algérie also offers other Islamic finance products, including "Moumkine" for furniture and "Alburaq Soukna Acquisition-Ijara" for real estate. These services are validated by a Sharia control committee composed of Islamic and economic specialists.
Why it mattersAlgerian salaried employees and retirees can now access car financing compliant with Islamic principles.