Bank Salam of UAE : 2nd Islamic Bank in Algeria

After Al Baraka Bank, the Gulf-Algeria Bank, Arab Banking Corporation, Housing and Finance Bank; the Emirate Es-Salem Bank is about to inaugurate its commercial activity by 2007 as announced by his administration board head, Mr Mohamed al Abbar.

In a press conference held in the week-end in Bahrain, Mr. Mohamed al Abbar the administration board head of the bank whose turnover is estimated at about 100 million Dollars owned by Emirate personalities and businessmen will be launched in Algeria where it is expected to provide services in line with the Islamic Charïa.

In this respect, Mr. Hussein el Miza founding committee’s head-deputy stated: “bank’s establishment primary measures are over, the main headquarter in Algeria has been chosen, in addition to all launching dispositions”, he further noted that investments law allowed the economy openness for foreign and national private investments considering it among the laws likely to attract foreign capitals flaws to the Algerian market”.

The Emirate bank got “a licence to undertake classic banking and trade transactions yet it can provide services in compliance with the Islamic law since Algeria’s banking law grants general not specified licences”.

 source : aevents