Qatar International Islamic Bank’s joint venture in Morocco, Umnia Bank, has initial capital of MAD 600 million.
The joint venture Islamic bank set up by Qatar International Islamic Bank (QIIB) and Morocco’s Crédit Immobilier et Hotelier (CIH Bank) will be named Umnia Bank, and have an initial capital of MAD 600 million.
QIIB chairman and managing director Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani, Ahmed Rahhou, CEO of CIH Bank, and Abdulbasit Ahmad al-Shaibei, CEO of QIIB, made the announcements at an extraordinary general assembly of the new bank in Casablanca.
Sheikh Dr. Khalid said, “We are closer to formally launching the activities of Umnia Bank. We are very happy to reach this stage, and are hopeful that our new venture will be extremely successful.”
He added that the licence for the new JV bank had already been issued by the Central Bank of Morocco. “Ours was the first licence to be issued in a set of applications for the new Islamic bank in Morocco. Our application was very strong and so are our credentials. We now look to be the best Islamic bank in Morocco.”
In 2015, QIIB signed a joint venture agreement with Morocco’s CIH Bank after a comprehensive feasibility study. Umnia Bank is expected to be QIIB’s gateway into the North African market.
According to media reports, QIIB has a 40 per cent stake in the new bank, which will begin operations shortly with four branches in Morocco.