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January 2, 2018updated 03 Jan 2018 5:35am

ABG and BMCE Bank collaborate to launch new Islamic bank

Bahrain’s Al Baraka Banking Group (ABG) has joined forces with the Moroccan Bank for Foreign Commerce of Africa (BMCE Bank) to launch a new Islamic bank, dubbed BTI Bank (Bank al Tamweel wa Inma).

The new bank will be based in Casablanca. Plans are on to launch 37 branches of the bank across different cities of Morocco by 2022.

ABG board member, president and CEO and BTI Bank chairman Adnan Ahmed Yousif said: “We have studied carefully our partnership with BMCE Bank in order to achieve an integrated approach to the cooperation between the two institutions, combining their experiences and making full use of the strengths of both parties within the framework of the participation banking platform that is based on sound and sustainable foundation.

“The goal is to establish a model of cooperation that will allow for the exchange of skills and the creation of a unique bank in Morocco that has a promising future at the Maghreb and African levels.”

BTI Bank general manager Mohamed Maarouf added: “We aspire to quickly become a real and reliable banking partner for individuals, professionals and businesses, through a strong and equal relationship, a relationship that is based on strong values and mutual benefit to both parties.”

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