El Baraka Bank Offers 30% Discount on Islamic Auto Financing During Ramadan

BY: Dr. Hana Saada

ALGIERS- El Baraka Bank, a partner of Stellantis in automotive financing, launched its Islamic financing solution this Thursday and announced, through its CEO, Badreddine Benflici, a 30% discount during the month of Ramadan.

With simplified procedures, standard documentation, and processing times ranging from 24 hours to 4 days at various branches across the country, El Baraka Bank aims to streamline the process for customers. These were the main announcements made by the CEO of El Baraka Bank Algeria, who clarified that the initial contribution and monthly installments depend primarily on the applicant’s salary. He also mentioned that the bank’s margin ranges from 7 to 10%.

It goes without saying that the applicant must have a regular income from employment, and they must first request a pro forma invoice from the Fiat network.

This initiative aims to make auto financing more accessible to customers during the holy month of Ramadan, reflecting El Baraka Bank’s commitment to providing convenient and Sharia-compliant financial solutions to its clients.

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