Algeria

Active marketChecked 2026-11-14 · confidence high

The 2023 monetary and banking law (Law 23-09) provides for Islamic banking by full banks and separate windows. Banque Al Baraka d'Algérie is on the Bank of Algeria's licensed list of 4 January 2026, and its own site sells named products such as Al Baraka Idikhar and Sayarat Al Baraka.

Five checks

Banking rulesFound

Law 23-09 of 21 June 2023 (monetary and banking law, Journal officiel 43 of 27 June 2023) defines Islamic banking operations (Art. 71). They may be run by a bank licensed only for Islamic finance or through a separate 'guichet' window (Art. 72). Each product needs a certificate from the national fatwa authority for Islamic finance and Bank of Algeria approval (Art. 73). The Bank of Algeria lists its Islamic finance regulations: 2018-02, 2020-02 (15 Mar 2020), 25-09 and 25-10 (24 Jul 2025, accounting) and 25-13 (24 Sep 2025, Islamic interbank money market).

  • “toute opération de banque ou de guichets islamiques en conformité avec les préceptes de la Charia islamique.”
    Journal officiel de la République algérienne (SGG) · 2023-06-27
  • “La mise sur le marché des produits bancaires relevant de la finance islamique nécessite, au préalable, l’obtention de la certification de conformité”
    Journal officiel de la République algérienne (SGG) · 2023-06-27
  • “Règlement n°2020-02 du 15 mars 2020 définissant les opérations de banque relevant de la finance islamique”
    Banque d'Algérie
  • “Règlement n°25-13 du 2 Rabie Ethani 1447 correspondant au 24 septembre 2025 relatif au marché monétaire interbancaire relevant de la finance islamique.”
    Banque d'Algérie
  • “permettant aux banques d'ouvrir des guichets et des agences dédiés et d'offrir à leur clientèle des produits et services bancaires conformes à la charia”
    Banque d'Algérie · 2022-09-28
Licensed banks and windowsFound
Sukuk issuedFound
  • Algerian Treasury (Direction générale du Trésor), sovereign Ijara sukuk, 7 years · 2026 · Target DZD 296.65bn (about USD 2.3bn). The Finance Minister said over 80% of the target was subscribed by April 2026. Maghreb Emergent, citing Algérie Clearing, reported 46.3% of the target in September 2026. Final amount not confirmed.
  • “La durée de maturité est fixée à 7 ans”
    TSA Algérie · 2026-01-29 · secondary
  • “a enregistré, en deux mois et demi de souscription, plus de 80% du montant global (ciblé)”
    Algérie Eco · 2026-04-13 · secondary
  • “46,3% seulement de son objectif de collecte atteint.”
    Maghreb Emergent · 2026-09-11 · secondary
  • “renforcer les compétences de leurs personnels en finance islamique, notamment concernant les Sukuk souverains-Ijara.”
    COSOB
Takaful (non-interest insurance)Found

Executive Decree 21-81 (23 Feb 2021) sets the conditions for takaful insurance, either by a dedicated takaful company or through a window. The Ministry of Finance's 2021 insurance report says two insurers received window approvals. Press (Jan 2022) names them as GAM and Cardif El-Djazair. The decree text itself was not read in this pass.

Capital market rulesNot checked

No COSOB regulation on sukuk, Islamic funds or Sharia advisers was found on the COSOB pages checked. COSOB has told brokers to train staff on sovereign Ijara sukuk. Press says the sovereign sukuk rests on the Finance Law and a ministerial order of 1 June 2025, which were not read.

  • “La COSOB rappelle aux intermédiaires en opérations de bourse (IOB) la nécessité de renforcer les compétences de leurs personnels en finance islamique”
    COSOB

Recent developments

  1. 2026-01-29Bank of Algeria Decision 26-01 (dated 4 Jan 2026) published the list of licensed banks in Journal officiel 9. It includes Banque Al Baraka d'Algérie and Al Salam Bank-Algeria. source
  2. 2026-01-27The Treasury opened subscription to its first sovereign Ijara sukuk (target DZD 296.65bn, 7 years), as reported by TSA. source
  3. 2025-09-24Bank of Algeria Regulation 25-13 on an Islamic interbank money market. source
  4. 2025-07-24Bank of Algeria Regulations 25-09 (accounting and valuation rules) and 25-10 (chart of accounts) for Islamic finance operations. source

Still open

Points we could not confirm at source yet.

  • Final amount raised by the 2026 sovereign sukuk. The April 2026 ministerial figure (over 80%) conflicts with the September 2026 Algérie Clearing figure (46.3%).
  • Legal basis for the sovereign sukuk (Finance Law and the ministerial order of 1 June 2025) was not read in the Journal officiel.
  • Al Salam Bank-Algeria's products and the BNA window were not read on the banks' own sites. Other public banks with windows (CPA, CNEP and others) were not verified.
  • Takaful operators other than GAM and Cardif El-Djazair (for example Salama Assurances) were not verified at a primary source.
  • Whether Regulation 2020-02 still applies alongside Law 23-09 and the 2025 regulations is not stated on the Bank of Algeria page.
Where we searched
  • joradp.dz: Journal officiel 43/2023 (Law 23-09) and 9/2026 (Decision 26-01 bank list), PDFs downloaded and text-checked
  • bank-of-algeria.dz: Islamic finance regulations page, 2022 release, bank network page (downloaded with curl; certificate check passed)
  • albaraka-bank.dz: home page and three product pages (downloaded)
  • alsalamalgeria.com: no connection
  • cosob.dz: IOB note (downloaded); regulation pages from the earlier pass
  • Ministry of Finance 2021 insurance report (PDF via fair1964.org)
  • Press: TSA, Algérie Eco, Maghreb Emergent