Friday 29 March 2024
 
»
 
»
Story

Attijariwafa Bank ....

Moroccan bank plans big Islamic finance push

RABAT, January 31, 2015

Morocco's Attijariwafa Bank plans to build its own Islamic finance business rather than tying up with a foreign partner, it said yesterday, as the north African country opens up to Sharia-compliant banking.

Morocco's parliament gave final approval in November to an Islamic finance bill that will allow the creation of Islamic banks and enable private firms to issue Islamic debt.

The move has led other Moroccan banks, including Banque Centrale Populaire and BMCE Bank to hold talks with foreign banks about launching local Islamic offshoots.

"We have got many propositions from international Islamic banks, but we are not really looking for a partner," Mohamed Kettani, Attijariwafa's chief executive, said.

"At least for now, we will keep Dar Assafaa 100 per cent for us," he added, referring to the company's Islamic business.

Morocco's Islamic finance drive accelerated after a moderate Islamist-led government took power through elections in late 2011, and as the government has struggled with a big budget deficit. One of the hopes is that Islamic bond issues could attract wealthy investors from the Gulf.

Attijariwafa Bank, controlled by the Moroccan royal family's investment holding company SNI, has been the only local bank to create an Islamic subsidiary since the country began allowing conventional banks to offer a limited set of Islamic financial services in 2010.
 




Tags: Morocco |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads