Third Moroccan Participatory Bank to Launch Islamic Finance Activities

Bank Al Yousr, the participatory subsidiary of the BCP Group in partnership with Guidance Financial Group, opened its headquarters Thursday in Casablanca.

Following the approval and publication on July 20 of the compliance notices relating to the model of an account agreement and the Mourabaha Immobilière contract issued by the Shariah Committee on Participatory Finance, Bank Al Yousr officially started its banking activities this August 3.

The participatory bank is the third of its kind to start its activities, after Bank Assafa, a subsidiary of Attijariwafa Bank, and Umnia Bank of CIH Bank.

“[Bank Al Yousr’s] first ambition is to contribute effectively to the success of participatory finance in Morocco,” the bank said in a statement.

“Bank Al Yousr will open on Thursday, August 3, 2017, its headquarters in Casablanca, on 162 Boulevard Anfa, to offer its clients an unprecedented banking experience in a modern and friendly setting,” the statement said.

The statement said it will be “a universal bank that aims to support all customer segments, whether private, professional or corporate. It intends to gradually cover all their needs through a network of dedicated banking agencies.”

Source: Moroccoworldnews