The BTI Bank has been launched following the partnership sealed by Al Baraka Banking Group (ABG), the leading multi-national Islamic Banking Group, headquartered in Bahrain, and the Moroccan Bank for Foreign Commerce of Africa (BMCE Bank), one of Africa’s leading international banking groups.
ABG, which has subsidiaries and representative offices in 15 countries and has over 40 years of experience in participation banking, has teamed up with Moroccan BMCE Bank in this project.
Chairman & CEO of Al Baraka Banking Group, Adnan Ahmed Yousif, said “We are delighted to launch our participation bank, BTI Bank in Morocco, which is the result of a strong partnership with BMCE Bank”.
He also said he is upbeat over “the large opportunities for the success of our bank, given Morocco’s significant and promis-ing development potential in the field of participation banks”.
According to Adnan, the goal is to establish a model of cooperation between ABG and BMCE Bank, allowing the exchange of skills and setting up a unique bank in Morocco that has a promising future at the Maghreb and African levels.
Managing Director of BMCE Bank, Brahim Benjelloun Al Toui-mi, on his part said “The launch of BTI Bank marks the culmination of several months of close work and cooperation with our partner, Al Baraka Banking Group, with whom we share many of the profound values and vision for the future. We are convinced that the historical experience of our partner and their strong knowledge of the market will enable us to make BTI Bank a model for participation banks in Morocco”.
Commenting on the deal, General Manager of BTI Bank, Mo-hamed Maarouf, said “ABG and BMCE Bank have sought to establish a new model for Participation banking in the Moroccan market, which is undergoing a gradual restructuring”.
He also voiced hope to see BTI “quickly becoming a real and reliable banking partner for individuals, professionals and businesses, through a strong and equal relationship, a relationship that is based on strong values and mutual benefit to both parties”.
“We also aspire to contribute to the creation of a financial system that rewards the effort and contributes to the development of society,” he said.