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Thursday 23 Jul 2015 - 12:10 Makkah mean time-7-10-1436
 Rabat, (IINA) - Regional banks are looking to capitalize on Morocco’s plans to introduce Islamic banking (also known as participation banking) services in the country, IBS Intelligence news agency reported.
Morocco’s central bank, Bank Al Maghrib, is developing the regulatory framework for the industry to be ready by 2016.
Amongst those that have applied for a participation banking licence are understood to be Abu Dhabi Islamic Bank (ADIB) and Emirates Islamic Bank. Meanwhile, a domestic banking group, BMCE, is working with its Bahrain-based counterpart, Al Baraka Banking Group, to launch an Islamic banking offering in Morocco.
ADIB is already a well-established brand in the MENA region, with presence across the UAE, Egypt, Sudan, Yemen, Qatar and Iraq. The bank is a long-standing user of the Ethix system from a regional supplier, International Turnkey Systems (ITS). It is anticipated that the coverage of the system will be extended to Morocco. ADIB is also understood to be looking to enter the markets of Algeria, Libya and Tunisia.
Meanwhile, Emirates Islamic Bank has no presence at the moment outside the UAE, although its parent, Emirates NBD, has a wider international footprint. It continues to grow, with the latest addition in the region being the incorporation of the former BNP Paribas operations in Egypt into the Emirates NBD group. The group is a flagship user of Infosys’ Finacle core banking system.
SM/IINA
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