Banque Nationale d’Algérie clarifies automobile financing terms

The Banque Nationale d’Algérie (BNA) has issued a clarification regarding its ‘Mourabaha Automobiles’ financing offer following public speculation about vehicle availability. The bank emphasized that its recent communications were intended solely to outline the procedures, characteristics, and conditions of the Islamic finance product, rather than announcing an available stock of cars.

The BNA clarified that the granting of credit remains entirely dependent on the actual availability of vehicles on the market. The institution noted that it does not hold a stock of vehicles ready for immediate delivery.

The Mourabaha Automobile scheme is designed to finance the purchase of new vehicles produced or assembled locally in Algeria. Under the established terms, the bank can cover up to 90% of the vehicle's price, with repayment periods extending up to 60 months.