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Four new products.
The Algerian Union Bank (AUB) launched offers in line with Islamic finance this Saturday in Mauritania, with the marketing of four new products. At the same time, it announced that it will soon open a third agency in Mauritania. This was stated in a press release made public by the bank.
These new products, called “Mourabaha”, “Moudaraba”, “Selem” and “Qard Hassen”, are part of the continuity of the bank’s commercial development in Mauritania, declared its general director, Merouane Aliane, quoted in the press release. . The first Algerian bank to establish itself abroad, AUB, which reaffirms its desire to offer its customers “the most complete range of products possible”, also announced the opening of a third agency before the end of 2024.
According to the same press release, with this new step, the Algerian Union Bank takes a new step in its ambition to become a major player in the Mauritanian market.
In addition to these new products, AUB also announced that it is currently working to finalize its electronic payment and digital products to market them in the coming months.
The arrival of AUB in Mauritania is part of the Algerian State’s strategy aimed at facilitating investment and trade between Algeria and Africa.
The Algerian Union Bank is the first Algerian bank to establish itself abroad. It was established in 2023 with a capital of $50 million. AUB is 40% owned by the Crédit populaire d’Algérie (CPA), 20% by the External Bank of Algeria (BEA), 20% by the National Bank of Algeria (BNA) and 20% by the Bank for Agriculture and Rural Development (BADR). It offers a full range of banking products and services to businesses and individuals, including Islamic finance products. The bank is present in Mauritania and Senegal and plans to expand to other African countries in the coming years.
Concerning Algerian banks abroad, it should be noted that the Algerian Bank of Senegal was the first to have obtained the necessary sesame to launch its activities, followed, shortly after, by the approval of the Algerian Bank in Mauritania. . These two banks are essentially positioned in the foreign trade niche with, more concretely, banking and financial products and services intended for businesses.
The Minister of Finance, Laaziz Faïd, declared last September that “the opening of Algerian banks abroad, particularly in sub-Saharan Africa and in France, is of a geostrategic nature for the Algerian State, both on the political level than economic.
Beyond the geostrategic dimension, Algeria’s objective is to facilitate investment in the continent. It is also about creating the conditions to increase the volume of trade between Algeria and its African partners.