Islamic Development Bank strengthens partnership with Algerian bank to support Islamic banking.

Dr. Mohammed Salim Al-Jasser, the head of the Islamic Development Bank Group, met today with Dr. Salah Eddine Talib, the Governor of the Bank of Algeria, at the central bank headquarters in the capital city of Algeria. The discussions focused on enhancing the partnership between the two institutions, with an emphasis on strengthening technical cooperation and supporting the regulatory framework of Islamic banks in Algeria.

The two sides also discussed the possibility of leveraging the expertise of the Islamic institution to secure investment and export credits in order to mitigate risks associated with developing sovereign and quasi-sovereign bonds. This comes in light of Algeria’s preparations to issue its first sovereign bonds in the first half of 2025, aimed at funding infrastructure, education, and healthcare projects to diversify funding sources and support sustainable development efforts in the country.

Dr. Al-Jasser expressed his satisfaction with the existing cooperation between the Islamic Development Bank and the Bank of Algeria, commending the significant progress made in this regard. He highlighted that the bank continues to provide technical assistance to enhance the regulatory and supervisory framework for Islamic banking in Algeria, in line with international best practices.

Furthermore, the Islamic Development Bank expressed readiness to provide additional technical support to the Algerian central bank to strengthen its capabilities in Islamic banking, banking supervision, and bonds. This will contribute to the development of the Algerian financial sector and enhance its role in supporting economic development.