Islamic Bank will open 10 new branches in Morocco Umnia

Umnia Bank, the first Islamic bank which has launched its services in Morocco, is planning to end July to open ten more branches in the Kingdom, in addition to the three already in Rabat and Casablanca are open.

Zaheer-ud-Din Ahmad Al-Shaibei, Director General of the Qatar International Islamic Bank (QIIB), said: "Morocco is our gateway to North Africa".

"There is a huge potential for Islamic banking in North Africa, who needs banks based on Sharia law, value-driven," said Al Shaibei in an interview in the Gulf Times on June 24, j.l.

Al-Shaibei during this interview discusses the expansion of the Islamic banking throughout the world and adds that the increasing number of Umnia-banks in Morocco "will give more value to the Moroccan economy".

"A lot of people now fall outside the system because they cannot work together for religious reasons with conventional banks; they now have a clear alternative, "he explained. Such a religious reason is riba (interest), which is prohibited in the sharia, reports moroccoworldnews.

While the growth of the banking sector recently stagnated, said the General Manager that this is not a cause for concern because it was due to "the general economic slowdown and the regional tension". He also added that "Islamic banking an important market share in the GCC region has", stressing that there are "good prospects for Islamic banking outside the Golf".