A new digital platform has been launched by Al Baraka Bank Algeria in collaboration with its Turkish counterpart, aiming to boost exports from Algeria to Turkey and 15 other countries where the Al Baraka banking group operates.
This initiative marks a significant step in digital economic transformation by facilitating secure and fast trade transactions within an Islamic cross-border commerce network. The platform allows economic operators in member countries to check product availability in Algeria and place orders directly, with tailored conditions provided by the banking group.
The goal is to enhance trade balance between Algeria and Turkey by increasing and diversifying Algerian exports, particularly in non-traditional sectors such as agri-food products, agriculture, iron, and industrial equipment.
Additionally, the platform aims to attract Turkish investment into Algeria by promoting competitive advantages like low production costs and affordable energy. It also aligns with Algeria’s ambition to become a gateway for exports to Africa, leveraging the African Continental Free Trade Area (AfCFTA).
According to Al Baraka Bank General Manager Abdelmounaim Othmani Merabout, the platform is part of a broader strategy to position Algeria as a regional hub for Islamic trade, supported by strategic assets such as political stability, improved investment climate, and progress in Sharia-compliant financial services.
The platform provides various services, including connecting exporters, importers, and investors, facilitating financing, tracking transactions, and reducing costs through the group’s integrated presence in over 16 countries. The importance of integrating technology into banking to expand markets and enhance competitiveness was also emphasized during the launch event.