INTERVIEW-Bahrain's Al Baraka to open Islamic bank in Morocco
Bahrain-based Al Baraka Banking Group plans to set up an Islamic bank in Morocco next year with a capital of USD 50 million, CEO Adnan Ahmed Yousif said. Last month, Morocco's parliament gave final approval to an Islamic finance bill that allows foreign banks and local lenders to set up Islamic banks in the North African country. Yousif declined to name the potential partners, but said the new bank would be established in 2015 with a plan to open 10 branches in the first year of operations. He said Al Baraka expected to record growth of 12% in assets, of 11% in deposits and of 10% in income during 2015.
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