Al Baraka Banking Group obtains a licence to establish a new bank in Morocco
Bahrain-based Islamic banking group, Al Baraka Banking Group B.S.C (ABG) has obtained the approval of the Bank Al Maghrib (the central bank of Morocco) to establish a new bank in Morocco. The Group is now represented in all countries in the Maghreb.
"We are very pleased to complete the regulatory approvals to establish Al Baraka Bank Morocco after obtaining the licence from the central bank of Morocco. By this we accomplished an important strategic step in the implementation of our future programme to cover all major countries in the Maghreb by our presence and banking services, and at the same time to expand in the African continent. We intend to take further initiatives in the future towards achieving this goal," said HE Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group.
The Group now owns banking subsidiaries in in Algeria, Tunisia, Libya and Morocco, as well as the African continent in Egypt, Sudan and South Africa. The Group has already obtained the approval of the Central Bank of Bahrain to establish the Morocco bank and will carry the name of Al Baraka Bank Morocco, in partnership with the Moroccan Bank for Foreign Commerce of Africa (BMCE Bank).
The new bank will be under the management of Al Baraka Banking Group and will operate within its network of subsidiary banking units, which are currently located in 15 countries and in turn own more than 700 branches.
Adnan Ahmed Yousif, Member of the Board and President and Chief Executive of Al Baraka Banking Group said that entering the Moroccan market is a very important achievement, and will create greater diversity in building assets portfolios and revenue sources for the Group.