Dar Assafaa

Morocco lures Sharia cash with first Islamic bank

Morocco is poised to have its first full-fledged Islamic bank as early as September. Dar Assafaa, an affiliate of the country’s largest lender AttijariWafa Bank, will probably become the nation’s first wholly Sharia-compliant financial institution when the central bank approves its switch. The country’s Islamic finance bill, which came into force on January 30, also allows for the formation of a centralised Sharia board to oversee Islamic banks. The Moroccan Association of Participative Financiers estimates total investment in Sharia-compliant products in the country will reach $7 billion by 2018.

Morocco: Dar Assafaa to become an Islamic 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.

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