Bank Of Africa
BOA
BOA
The leading commercial bank in Morocco, Banque marocaine du commerce extérieur (BMCE), plans to establish a new subsidiary specializing in Islamic finance, reported Morocco World News.
Saudi Arabia’s Al Baraka Banking Group will have a joint venture with the BMCE group owned by Morocco’s richest man, Othman Benjelloun, to create the new subsidiary.
The Saudi’s pioneer group specializing in the field of Islamic finance will acquire 51% of the new subsidiary, and Morocco’s BMCE will hold the remaining 49%, according to sources quoted by news website Le360.
Noteworthy, the Moroccan parliament has recently issued the law authorizing the creation of participatory banking in November 2014.
Photo Credit: Arabianeye-Reuters
Saudi Arabia’s Al Baraka Banking Group will have a joint venture with the BMCE group owned by Morocco’s richest man, Othman Benjelloun, to create the new subsidiary.
The Saudi’s pioneer group specializing in the field of Islamic finance will acquire 51% of the new subsidiary, and Morocco’s BMCE will hold the remaining 49%, according to sources quoted by news website Le360.
Noteworthy, the Moroccan parliament has recently issued the law authorizing the creation of participatory banking in November 2014.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
