Bahrain-based Al Baraka Banking Group will establish a banking unit in Morocco once it receives approval from local authorities, the Islamic lender said in a statement, adding it aimed to launch the new business soon.
The bank, which has operations across the Middle East, Asia and Africa, said entry to the Morocco market would significantly help diversify assets and income sources for the group.
“We are working now to complete the establishment procedures, and we hope to launch it soon,” said the statement.
Al Baraka has explored the Moroccan market since 2013 when it said it planned to make an estimated $100 million capital investment in the country.
In contrast with peers in the Gulf, Al Baraka has built the bulk of its business outside of the region, including units in Pakistan, Turkey, Egypt, Tunisia and South Africa.
Al Baraka Banking Group is licenced as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around 1 billion.
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorised capital of Al Baraka is $1.5 billion, while total equity is at about $2 billion. The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in nearly 15 countries, which in turn provide their services through over 600 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.