The Experience of Islamic Banking in Light of Legal Frameworks in Algeria – An Analytical Study for the Period 2015–2020

Abstract

This research paper seeks to clarify the vision regarding the Algerian experience in the field of Islamic banking, by highlighting the most prominent banks operating in this sector, in addition to Islamic windows within traditional banks. The study concluded that there are two main banks in this field: Al Baraka Bank, established in 1991, and Al Salam Bank, established in 2008, alongside numerous Islamic windows in traditional banks. The findings indicate that Algeria's experience in this domain remains nascent compared to leading countries in Islamic finance. The paper also recommends the necessity of adopting one of the successful models and working towards its development to advance Islamic banking, while taking into account the economic, social, and cultural aspects of the Algerian individual.