La Banque d’Algérie signe un memorandum d’entente avec l’AAOIFI

The Bank of Algeria has signed a memorandum of understanding with the Organization of Accounting and Auditing for Islamic Financial Institutions (AAOIFI) in order to strengthen cooperation and coordination and develop the Islamic finance industry. Algérie, a indigo ce mardi un communiqué.

« The memorandum of understanding signed by the Central Bank and the AAOIFI, based in Bahrain, on the establishment of Islamic finance norms, in the context of their efforts to promote Islamic finance, as they have done in Algeria , et à reinforcer les liens entre les deux organizations «, a precise le communiqué, repris par l’agence APS.

Aux termes de ce memorandum, les deux parties œuverront « dans les domains d’intérêt comun pour le développement de l’industrie de la finance islamique en Algérie », à travers « l’échange efficacious d’informations, la mise en œuvre des programs capacity building partners in Algeria linked to the norms of the AAOIFI, and the organization of events and activities to raise awareness of the importance of Islamic financing on the local market for the benefit of different stakeholders, including professionals travailing dans le domaine de la regulation et de la supervision dans les banques et les institutions financiers, en sus des universitaires, des spécialists de la Chariâa et d’autres ».

This agreement provides “the possibility of benefiting from the accreditation and recognition of standards issued by the AAOIFI through the Islamic banking and financial industry in Algeria, and capacity building programs”.

On this occasion, the Governor of the Bank of Algeria, Rosthom Fadli welcomed the efforts of the AAOIFI to develop Islamic finance in Algeria, relevant to the importance of strengthening relations between the two parties, in adequation with the long-term strategy of the bank.

On the other hand, the General Secretary of the AAOIFI, Omar Mustafa Ansari, indicated that “the organization is pleased with the signing of the memorandum of understanding with the Bank of Algeria”, adding that “Algérie is des countries in which the foundations of the AAOIFI were established by the signature of the memorandum of its creation in 1990.

“We sincerely hope that the AAOIFI and the Banque d’Algérie can work, through this common cooperation, to raise awareness of financial services in accordance with the provisions of the Islamic Sharia in Algeria and to support participants in the market to strengthen leurs connaissances, en sus de réponder à la demande croissante sur les produits et les services de la finance islamique », at-il added.

The signing ceremony of the memorandum, held via video conference, followed the presentation of the director general of credit and bank regulation, Abdelhamid Boulouadnine, representative of the Central Bank, on the situation of Islamic finance in Algeria, notably après la promulgation du premier texte régulatory en March 2020 concerning les opérations de la finance islamique et les conditions de sa mise en œuvre.

“We are particularly happy and honored to have signed this agreement and we aspire to a long-term and beneficial reciprocal relationship between the Bank of Algeria and the AAOIFI. Nous espérons, à travers ce partnership, suivre et adapt les norms de l’AAOIFI avec cette industrie», declared M. Boulouadnine.

Et d’agouter: “The Banque d’Algérie, as supervisor of banking regulation, is aware of the importance of creating a mechanism for mutual cooperation and support with the AAOIFI, given its recent experience dans le développement des norms de la Charia, de la comptabilité, de l’audit, de la Gouvernance et des mœurs au profit du sector bancaire et de la finance islamique», concluded the communiqué.

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