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Algeria is preparing to launch Islamic financial services as the OPEC member seeks new ways to raise money after a sharp fall in energy earnings, a senior financial official told Reuters in an interview. Boualem Djebbar, head of the state-run Banks and Financial Institutions Association, said plans to offer Islamic finance products were part of wider reforms aimed at modernizing the underdeveloped banking sector.Algeria's outdated financial system has been a barrier to investment as the government seeks to diversify its economy away from oil and gas, which account for 60 percent of the state budget and 95 percent of the country's revenue from exports.The Islamic finance plan comes as Algeria tentatively seeks to broaden its sources of funding.
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