Rabat - After Morocco approved Islamic finance legislation in November, Morocco's Attijariwafa Bank plans to launch its own subsidiary of Islamic bank “without depending on a foreign partner.”
Rabat – After Morocco approved Islamic finance legislation in November, Morocco’s Attijariwafa Bank plans to launch its own subsidiary of Islamic bank “without depending on a foreign partner.”
Mohamed Kettani, Attijariwafa’s chief executive, told Reuters that Atijariwafa Bank has received many proposals from international Islamic financial institutions.
“We have got many proposals from international Islamic banks, but we are not really looking for a partner,” Kettani said.
Unlike Banque Centrale Populaire and BMCE Bank, which have opted for the creation of joint ventures with foreign Islamic banks, Atijariwafabank plans to create its own Islamic bank.
Kettani added that the company is willing to transform their Islamic subsidiary, Dar Assafaa, into a full-fledged participating bank with its own independent identity.
“As soon as the central bank publishes all the texts following the bill, and the sharia board is set, we will ask for an agreement to transform it to a full-fledged participating bank,” Kettani said.
Morocco’s House of Representatives issued a final approval in November of the Islamic finance law, which authorizes the establishment of Islamic banks and allows private companies to issue Islamic bonds.