[ecr] The minister has chaired the opening ceremony of a training workshop dedicated to banking sector executives on the development of Islamic finance and economic empowerment in Algeria, organized by the services of the ministry in collaboration with the Association of Banks and Financial Institutions (ABEF) and the Islamic Development Bank Institute, under the theme: "Strengthening the Foundations of Economic Empowerment in Light of the Rules, Contracts, and Regulatory Frameworks of Islamic Finance."

In this regard, Faid said that the total deposits collected by Islamic banks since the launch of these operations have reached DZD794 billion, with the value of financing granted to companies exceeding DZD493 billion.

12 banks are currently marketing Islamic products, including 6 public banks and 6 private ones, through 858 branches and agencies spread across the country, which have opened 715,886 bank accounts in accordance with the principles of Islamic finance, said the minister.

These figures reflect the "positive growth" of the Islamic financial industry in Algeria since its launch in 2020, he added.

Moreover, the minister recalled that banks offer several innovative Islamic products that meet customer needs in various fields.

Regarding the growing importance of the Islamic financial industry, Faid emphasized the interest and efforts of public authorities to promote Islamic finance as a fundamental pillar for achieving the principle of financial inclusion. [/ecr]