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Algerian government needs to act

14/12/2011

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With 80% of Algeria’s banking sector still under state control, reform has been ponderous to say the least, and Islamic finance is still a long way away.

Patrick Abi Habib an analyst for ABC Islamic Bank gave his personal opinion to The Islamic Globe: “The banks are popular because they are seen as the safest [in the region] but they are generally slow in introducing change.” This lethargy has repeatedly prompted the industry to call for intervention to help speed up regulation and stimulate the adoption of Islamic finance. Currently less than 1.5% of assets in Algeria are Shari’ah compliant.
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Islamic fund assets remained flat in 2009

03/10/2010

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“The Islamic fund industry needs to evaluate new strategies to restimulate growth. Islamic fund assets remained flat in 2009 at $52 billion, whereas the potential wealth pool grew by 20 percent, now estimated at $480 billion,” concludes the Islamic Funds & Investments Report (IFIR) 2010 which was published by international auditing and advisory firm Ernst & Young in September 2010.
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Mideast insurance premium to cross $80bn by 2013

27/08/2010

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The Middle East insurance industry is expected to grow at a compound annual growth rate of around 25 percent during 2010- 2013 and cross insurance premium of $80 billion in next three years, according to a report.

The region, which has a total insurance penetration below 10 percent, is expected to witness rapid growth in near future, according to "Middle East Insurance Market Forecast to 2012" report.
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