Banking

August 16, 2018

Attijariwafa Bank Buys Path Solutions’ Islamic Banking Software

Morocco’s Attijariwafa Bank Group has bought Kuwait’s Path Solutions’ “iMAL” Islamic banking software to run Bank Assafa, the group’s Islamic participative subsidiary. Path Solutions, which provides Sharia-based technologies for Islamic financial services, announced on August 14 it has signed a strategic agreement with Attijariwafa Bank to provide the bank’s clients with interest-free financial services in accordance with Islamic principles. “Under the terms of the agreement, Path Solutions......

August 16, 2018

Morocco needs more reforms before new currency liberalisation, bankers say

Morocco has managed to keep its currency stable since introducing a more flexible foreign exchange system, but broader reforms are necessary to boost investment before taking the next step in liberalisation, bankers say.

In"...

August 14, 2018

Morocco’s Attijariwafa Bank chooses Path Solutions’ core system

Attijariwafa Bank in Morocco has selected Path Solutions’ iMAL core system across its 31 branches for Islamic banking. The platform will include Sharia-compliant financing, delivery channels and trade finance. The bank has a presence in 25 countries and over eight million customers. The bank decided to use iMAL to run the operations of its new participative subsidiary Bank Assafa. Youssef Baghdadi, chairman of the management board of Bank Assafa, says: “We turned to Path Solutions following good references from several leading......

August 12, 2018

Morocco Warns Banks to Stop Trade with Iran

The Moroccan government has warned representatives in the country’s financial and business sectors against trade with Iran.

In a letter to the Consortium of Moroccan Banks (GPBM), Morocco’s minister"...

August 11, 2018

Morocco FM warn banks against dealing with Iran

Companies and banks in Morocco have been warned against trading with Iran following the US’ imposition of sanctions on the Islamic Republic, knowledgeable sources have said.

According to a document issued"...

August 4, 2018

AFDB President visits Bank-funded Morocco-Spain power interconnection project

Nestled on the steep slopes of the northernmost part of Morocco facing Spain, is the Melloussa interconnection station, which provides 15% of Morocco’s electricity production.

The plant, located close to"...

August 1, 2018

Morocco’s net international reserves grew by 11%, says Bank al-Maghrib

Morocco's net international reserves amounted to 225.9 billion dirhams until July 20, 2018, recording a 11% year-on-year increase, Morocco's central bank (Bank al-Maghrib) said.

During the week of July"...

July 31, 2018

Abdellatif Jouahri: ‘Morocco’s Economy Needs a Leap Forward’

Abdellatif Jouahri, the governor of Bank Al-Maghrib (BAM), Morocco’s central bank, has called for radical reforms and a new developmental model adapted to the country’s current problems, saying that the North African kingdom “needs an economic leap forward” to address"...

July 31, 2018

Bank Al Maghrib to Release Commemorative Coin

On Throne Day, Morocco’s Bank Al Maghrib announced it will issue a new commemorative coin with a value of MAD 250. The announcement came on the 19th anniversary of King Mohammed VI’s ascension to the throne. The bank will begin selling its new coin on August 1 in its locations across Morocco and the Currency Museum in Rabat. The bank is setting the price of the coin at MAD 550. The face of the coin features the figure of King Mohammed VI and the inscriptions “Mohammed VI” and “Kingdom of Morocco” in Arabic. The reverse of the coin has the inscription “19th anniversary of the ascension of the King to......

July 30, 2018

Morocco Needs more Economic Investments, Head of Bank Al Maghrib Tells King Mohammed VI

On the eve of Throne Day, King Mohammed VI received on Sunday Governor of Bank Al Maghrib Abdellatif Jouahri and Head of Auditors’ Court Driss Jettou, and both presented the monarch with their annual reports. During his meeting with the King, Jouahri discussed Morocco’s financial situation in 2017, emphasizing that the domestic economy grew at a rapid rate last year. The local economy expanded by 4.1 percent, owing to good climatic conditions for agriculture and overall economic recovery. According to the head of Bank Al Maghrib, the improving economy helped establish job opportunities in the North African country. However, job growth......