Home Economy Qatar International Islamic Bank, CIH to Launch Islamic Bank in Morocco

Qatar International Islamic Bank, CIH to Launch Islamic Bank in Morocco

Islamic banking

Rabat – In partnership with the Moroccan Crédit Immobilier et Hotelier bank (CIH), Qatar International Islamic Bank (QIIB) will launch “Umnia Bank”, a joint Islamic financial institution.

The new project was announced following an ordinary and extraordinary general assembly of the new bank in Casablanca on Saturday, February 25. The meeting was headed by QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.

“We are closer to formally launching the activities of Umnia Bank. We are very happy to reach this stage and are hopeful that our new venture will be extremely successful,” explained bin Thani bin Abdullah al-Thani.

Licensing for the “Umnia Bank” had already been issued by the Central Bank of Morocco.

“Ours was the first license to be issued in a set of applications for the new Islamic bank in Morocco. Our application was very strong and so are our credentials. We now look to be the best Islamic bank in Morocco,” said the QIIB chairman and managing director.

According to Thani bin Abdullah al-Thani, Moroccan economy is “very good” and represents “a good opportunity” for investment. He added that QIIB is determined to contribute to the growth of the Moroccan economy.

In 2015, QIIB signed an agreement with CIH Bank for the establishment of a bank in Morocco, following a detailed study by QIIB taking into account the expected returns on investment and other market factors.

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