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    Umnia board of directors discusses Moroccan bank’s business plans

    01 May 2018

    Umnia Bank, which is a joint venture among Qatar’s QIIB, Crédit immobilier et hotelier (CIH) and Moroccan Deposit and Management Fund, held its ordinary general assembly in Casablanca recently.
    The meeting was presided over by Umnia Bank chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani and attended by members of the bank’s board of directors, Ahmed Raho, Dr Abdulbasit Ahmad al-Shaibei, Lotfi al-Suqat, Rashid al-Saidi, Younis Zubair, Yassin Abdel Razeeq al-Hadawi and Mustafa Lahubi.
    Welcoming the shareholders, Sheikh Dr Khalid “expressed satisfaction at the progress” made by Umnia Bank, after it was formally inaugurated in July 2017 and acquiring the final licence in March last year.
    He said: “Steps involved in incorporating the bank were full of activities but we are happy about the achievements made so far. We would like to thank the supervisory authorities in the Kingdom of Morocco for the great support they have extended to us until now. We look forward to the participatory banking sector with much hope and interest.”
    He also expressed his deep thanks and appreciation to QIIB partners in the venture — CIH and Moroccan Deposit and Management Fund, stressing that the partnership was a “role model” for the Moroccan banking sector.
    “We count on our partnership and hope it will bear much fruits to the benefit of all stakeholders in particular and the Moroccan economy in general.”
    Sheikh Dr Khalid said an immediate challenge before the bank was to complete its first phase (following establishment) and launch the first phase of business.
    “Winning the confidence of Moroccans and various sectors of the kingdom’s economy is important. QIIB’s expertise in Islamic banking for more than a quarter of a century is being utilised for the success of the joint venture bank in solid co-operation with its partners.
    “We thank the executive management of Umnia for its efforts in the establishment of the bank and during its key launch phase.
    We have a huge responsibility to meet the challenges of the market, respond to competition head-on and implement the strategy set by the Board of Directors,” Sheikh Dr Khalid said.
    The ordinary general meeting discussed Umnia Bank’s financial results for 2017. The board also reviewed the report of the Board of Directors and business plans in the forthcoming period, besides highlighting the “most important indicators” achieved by the joint venture bank last year.
    Besides its headquarters in Casablanca, Umnia Bank has so far rolled out a network of 14 branches in various Moroccan cities.
    The total paid-up capital of Umnia Bank is Moroccan dirhams 600mn. QIIB has a 40% stake in the bank’s capital.

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