IslamicFinance.de

Bank Al-Maghrib, Morocco’s central bank, has reportedly received several requests for approval from Islamic banks from the Gulf countries. Al Baraka Bank (Bahrain), the Kuwait Investment Bank and the National Bank of Qatar are among those banks that wish to settle in Morocco. Some of these institutions have already established agreements with local credit institutions like Bahraini bank Al Baraka Bank. Banque Centrale Populaire (BCP) has, meanwhile, last year signed a strategic partnership in the field of Islamic finance with Guidance Financial Group (GFG), a subsidiary of Barwa Qatari sovereign wealth fund. The Moroccan banking group Attijariwafa Bank, however, has announced in late January that it has intended to develop its subsidiary dedicated to Islamic finance Dar Assafaa without an alliance with a foreign partner.