Al-Ittihad Bank of Algeria in Mauritania launches its Islamic window to market 4 banking products – Algerian Dialogue

Al-Ittihad Bank of Algeria, the first Algerian bank to open abroad last September, announced the launch of its Islamic window, to market four new banking products in the Mauritanian market, according to a bank statement reported today, Saturday.
The statement stated: “Within the framework of continuing commercial development in the State of Mauritania, the General Director of the Union Bank of Algeria (AUB), Marwan Alian, has the honor to announce the launch of his Islamic window, through the marketing of four (4) new banking products in the Mauritanian market, represented by Murabaha. , Mudaraba, Salam and Qard Hasan.”

According to the same source, “Union Bank of Algeria’s desire was confirmed, once again, to provide a complete package of banking products to its customers, through a network consisting of two commercial agencies, and in a short period, awaiting the launch of the third agency before the end of 2024.”

With this “additional step forward, Al-Ittihad Bank of Algeria seeks to play an active role in the Mauritanian market,” the statement adds, declaring that, currently, in addition to the abundance of banking products related to the field of international trade loans, the bank is working on “launching other banking products in the monetary and financial fields.” Digital, in order to market it in the next few months.”

The Union Bank of Algeria was inaugurated in the Mauritanian capital, Nouakchott, in September 2023, in a move that has a geo-strategic character for Algeria, on the economic and political levels, and embodies the instructions of the President of the Republic, Mr. Abdelmadjid Tebboune, aimed at facilitating investment and trade exchanges between Algeria and countries. Other African.

This bank is the result of a partnership between four Algerian public banks: the Algerian Popular Bank (with 40 percent of the capital), the External Bank of Algeria (20 percent), the National Bank of Algeria (20 percent), and the Bank of Agriculture and Rural Development (20 percent), with capital. It is worth 50 million dollars.