Content Types: ArticleRegions & Countries: ChinaAlgeriaIndustries: Oil & Gas
Growth is projected to climb back to 3.0% in 2018 after dropping to 1.6% in 2017 from 3.3% in 2016. The 2017 drop was mainly driven by a contraction in hydrocarbon production caused by OPEC’s export quota decrease and by weak external demand for gas from Europe. Positive growth in both the oil and non-oil sectors is projected for 2018.
Algerian authorities are engaging UK institutions active in Islamic finance to leverage their experience and expertise in building an Islamic finance ecosystem amid work by the central bank in drafting a new Islamic finance framework, Abderrahmane Raouia, the minister of finance, told members of the People’s National Assembly.
Following the announcement by the government in October last year that three Algerian state-owned banks would be offering Shariah compliant solutions by the end of 2017, only one has actually introduced an Islamic financing product.
In a bid to plug its budget deficit caused by the lower price of the barrel, the Algerian government is moving quickly to develop Islamic finance in the next few months with Shariah compliant solutions to be offered by state banks by the end of the year and Sukuk issuances planned between 2018 and 2022.