Reuters
Bahrain-based Al Baraka Banking Group will establish a banking unit in Morocco after receiving 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.”
Al Baraka has explored the Moroccan market as far back as 2013 when it said it planned to make an estimated $100 million capital investment in the country.
In contrast with its 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.
(Reporting by Bernardo Vizcaino; Editing by Kim Coghill)
