Bahrain’s Sharia-compliant lender Al Baraka Banking Group (ABG) and Moroccan Bank for Foreign Commerce of Africa (BMCE Bank) have launched a new Islamic, or participation, lender in the North African country to tap its nascent Islamic financial industry. Bank Al Tamweel wa Inma (BTI) Bank, which opened its headquarters in Casablanca this week, plans to have 37 branches by 2022 in various cities of Morocco, ABG said in a statement on Nasdaq Dubai where its shares are listed. "We are confident of the large opportunities for the success of our bank, given the Morocco's significant and promising development potential in the field of participation banks,” said Adnan Yousif, chief executive of Al Baraka Banking Group. _______________Read more:Morocco lures Sharia cash with first Islamic bankIslamic finance sector could lose growth momentum next year_______________The central bank approved in January five requests to open participation banks in the country; the first of these was Umnia Bank, a joint venture of Qatar International Islamic Bank (QIIB) and Moroccan lender Credit Immobilier et Hotelier, which started operations in May. "Al Baraka Banking Group and the BMCE Bank have sought to establish a new model for participation banking in the Moroccan market, which is undergoing a gradual restructuring, coinciding with the development of Sharia banking regulations and this will ensure its success,” said Mohamed Maarouf, general manager of BTI Bank.

Source: The North Africa Journal December 28, 2017 08:03 UTC