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Monday 13 Jul 2015 - 13:08 Makkah mean time-26-9-1436
Image from Morocco World News
Rabat (IINA) – Abu Dhabi Islamic Bank (ADIB) is moving forward to set up a branch of its Islamic Financial institution in Morocco next year, Morocco World News reported.
ADIB which is the United Arab Emirates’ second-largest Shariah-compliant lender has reportedly applied for a license from Morocco’s Central Bank to invest in the Moroccan Islamic banking sector in 2016.
“We are seeking to invest in the Moroccan Islamic banking sector after learning that we will be the first financial institution to fully comply with the principles of Sharia law," ADIB’s Chief Executive Officer Tirad Mahmoud said in an interview.
He pointed out that the Moroccan Islamic banking market was amongst the markets with the greatest potential for Islamic banking outside the Gulf Cooperation Council.
CEO Mahmoud explained that the bank’s intention to invest in Morocco is part of its plan to expand in North African markets.
“We have also applied for licenses in Algeria, Libya and Tunisia,” he added.
In November 2014, the Moroccan parliament ratified a bill regulating Islamic finance and sukuk issues in the country.
Last March, the Governor of Morocco’s Central Bank announced in a press conference that Islamic Banks will start doing business in Morocco beginning early 2016.
AB/IINA
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