Bank ABC Algeria introduces Sharia-compliant auto financing up to 4.5 million DA

Bank ABC Algeria has launched a new financing product for locally manufactured or assembled vehicles through its Islamic banking window, Alburaq. Under the name "Al Buraq Carousty," the bank offers up to 4.5 million dinars in financing, covering up to 90% of the car's price. The transaction is based on the Mourabaha model, where the bank purchases the vehicle and sells it to the client at a cost-plus-profit price. Available to both employees and retirees, the credit can be repaid over a period of up to five years. The bank also provides other Islamic financial services, such as real estate and furniture financing, all validated by an internal Sharia supervisory committee.