IslamicFinance.de

The Maroccoan Bank Al Yousr, the participatory subsidiary of the BCP Group in partnership with Guidance Financial Group has opened its headquarters in the capital Casablanca. After the approval and publication of the compliance notices on the 20th July relating to the model of an account agreement and the Mourabaha Immobilière contract issued by the Shariah Committee on Participatory Finance, Bank Al Yousr officially started its banking activities beginning of August.
The participatory bank is the third of its kind to start its activities, after Bank Assafa, a subsidiary of Attijariwafa Bank, and Umnia Bank of CIH Bank.

The Moroccan banking group Attijariwafa Bank plans to transform its subsidiary Dar Assafaa into an Islamic financial institution according to the group’s CEO Kettani. In this context, the banking group belonging to the Royal Holding SNI plans to increase the capital of Dar Assafaa to $ 18.40 million, and will inject more investments according to the development of this new market in Morocco. Attijariwafa Bank will develop its own participatory bank without foreign partnership, unlike Banque Centrale Populaire and BMCE Bank which have opted for the creation of joint ventures with foreign Islamic banks. Moreover, the institution will expand its range of products.

Attijariwafa Bank, one of the biggest banks in North Africa, will boost its Islamic subsidiary as soon as the Islamic finance bill passes parliament. Morocco's parliament has started to discuss a bill regulating Islamic banks and sukuk issues after months of delays, after the Islamist-led government adopted it last month. Parliament's approval will be the last step before fully-fledged Islamic banks can be established in Morocco. However, a revolution in the Moroccan banking sector is not expected since the market is very competitive, and Moroccans are too sensitive to product prices. Islamic finance banks are called participative banks under the Moroccan legislation.