Jeddah, Saudi Arabia 19 July 19, 2018: The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank Group and the Ministry of Finance in Algeria represented by the Association of Banks and Financial Institutions (ABEF) jointly organized a workshop on Introduction to Islamic Economy, Banking and Finance in Algeria on July 16-18, 2018.
The workshop was part of the series of trainings in Islamic banking and finance aimed at building the competence and capacity of executive staff working in financial institutions. The workshop elaborated on the differences between conventional and Islamic principles related to Finance.
"IRTI has highly qualified researchers in Islamic banking and finance. Our strategic priority is to deploy the expertise of these researchers for capacity building, awareness and partnership with public and private institutions in our member countries," said the Director General of IRTI, Dr. Humayon Dar.
Mr. Ashour Aboud, the President of the Association of Banks and Financial Institutions (ABEF) stated that the workshop would set the foundation for understanding Islamic banking concepts and different modes of Islamic finance that would help Algeria to provide diversified financing in the Algerian market.
The workshop focused on the different principles of Islamic economy, banking and finance. In addition it helped clarify the main concept of maqasid al-Shari'ah (principles of Islamic law), riba (usury) gharar (uncertainty) prohibition of riba in Islam, modes of Islamic finance, risks in the modes of Islamic finance, corporate governance, accounting and auditing standards for Islamic banks, regulation and supervision of Islamic banks, and the role of Shari'ah boards and central banks to foster greatest interest in Islamic banks and financial institutions in Algeria .
Twenty-nine participants joined the workshop from the Ministry of Finance, Banque de l'Agriculture et du Développement Rural, Banque Extérieure d'Algérie, Banque Nationale d'Algérie, Crédit Populaire d'Algérie, Caisse Nationale d'épargne et de Prévoyance-Banque, Banque de Développement Local, Maghreb Leasing Algeria, Al Salam bank, Société Générale Algérie, NATIXIS-Algérie, Arab bank, Albarka bank and Trust bank Algeria.