Algiers, Algeria – 6 April 2024 – As part of IsDB’s vision to deepen institutional partnerships, H.E. Dr. Muhammad Al Jasser, President of the Islamic Development Bank (IsDB), met with H.E. Dr. Salah Eddine Taleb, Governor of the Bank of Algeria, at the Central Bank headquarters in Algiers. The discussions focused on strengthening technical collaboration and enhancing the regulatory and supervisory framework for Islamic banking in the country.

During the meeting, Dr. Al Jasser expressed his satisfaction with the cooperation between the IsDB and the Bank of Algeria, praising the significant progress achieved in advancing the Islamic banking ecosystem in the country. He emphasized the Bank’s continued commitment—through the Islamic Development Bank Institute (IsDBI)—to providing technical assistance that supports the enhancement of Algeria’s regulatory and supervisory frameworks in line with international best practices.

Dr. Al Jasser also reaffirmed the Bank’s readiness to further support the Central Bank through technical assistance in areas such as Islamic banking supervision, sukuk development, and capacity-building initiatives aimed at reinforcing the Algerian financial sector’s role in advancing economic development.

The meeting further explored opportunities to leverage the expertise of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to help mitigate risks associated with the issuance of sovereign and quasi-sovereign sukuk. This is particularly timely as Algeria prepares to launch its first-ever sovereign sukuk issuance in the first half of 2025, with the objective of financing key infrastructure, education, and healthcare projects.

This engagement reflects Algeria’s commitment to diversifying its development financing tools and advancing its vision for inclusive and sustainable growth through Islamic finance.