The development rules of banking operations Islamic in Algerian legislation

Abstract

The Bank of Algeria Regulation No. 02 of 2020 in order to open a window concerned with Islamic banking at the level of a conventional bank requires obtaining a conformity certificate from the national Sharia board, and a prior authorization from the Monetary and Credit Board to market Islamic banking products in compliance with the provisions of Sharia, according to the technical characteristics of their implementation specified in accordance with Instruction No. 03-2020 issued by the Bank of Algeria.

Through this study, the adequacy of the rules for conducting operations was considered Islamic banking developed for the development of Islamic banking in Algeria, according to two axes, the first represented in the organization of the Islamic banking window, and the second in the study of the various banking products provided by the window, leading to a major conclusion that lies in providing the legal framework for Islamic banking operations that established a supreme Sharia body that banks must respect their views on. The extent to which its operations conform to the Sharia.