Launch of BTI Bank, as a result of the Partnership between ABG and BMCE Bank
Manama, 27 December 2017
Al Baraka Banking Group (ABG), the leading multinational 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, announced today the launch of the new participation bank, BTI Bank (Bank al Tamweel wa Inma), with opening its headquarters in Casablanca.
The establishment of this participation bank comes within the context of fulfilling the needs of the Moroccan market and placing the requirements of its customers and individuals at the heart of the Bank's interests and priorities - by participating in the success of their projects through a mutually beneficial and equal partnership, while adhering to the highest professional standards as well as Shari'a values.
As part of its efforts to be a real partner for all categories of customers, including individuals, companies, professionals and businesses alike, BTI Bank will rely on the integrated expertise of its founders. Al Baraka Banking Group has subsidiaries and representative offices in 15 countries and has over 40 years of experience in participation banking, as well as the experience of the Moroccan Bank for Foreign Commerce of Africa, which has a comprehensive banking model covering all Banking and finance fields and activities.
Mr. Adnan Ahmed Yousif, Board Member and President and Chief Executive of Al Baraka Banking Group, stated: "We are delighted to launch our participation bank, BTI Bank in Morocco, which is the result of a strong partnership with BMCE Bank. We are confident of the large opportunities for the success of our bank, given the Morocco's significant and promising development potential in the field of participation banks. Our studies have shown the promising opportunities in the area of investment and financing that await the services and products of BTI Bank. Today, we seek to put out our experience and expertise on the Moroccan market through BTI Bank, thus hoping to contribute to the growth and prosperity of this fraternal country. "
Mr. Adnan, who is also the Chairman of BTI Bank added: " We have studied carefully our partnership with BMCE Bank in order to achieve an integrated approach to the cooperation between the two institutions, combining their experiences and making full use of the strengths of both parties within the framework of the participation banking platform that is based on sound and sustainable foundation. The goal is to establish a model of cooperation that will allow for the exchange of skills and the creation of a unique bank in Morocco that has a promising future at the Maghreb and African levels.
Mr. Brahim Benjelloun Al Touimi, Managing Director of BMCE Bank 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. "
Mr. Mohamed Maarouf, General Manager of BTI Bank, stated, "Al Baraka Banking Group and the BMCE Bank have sought to establish a new model for Participation banking in the Moroccan market, which is undergoing a gradual restructuring, coinciding with the development of Shari'a banking regulations and this will ensure its success. We aspire to quickly become 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. "
BTI Bank is committed to developing tangible and practical solutions to the financing and investment needs of the Moroccan market and to offer a variety of products and services that meet the needs and requirement of all its customers. With this, individuals will benefit from a wide range of bank accounts and cards, as well as receive financial solutions for buying property, vehicles and equipment, apart from ofcourse, savings accounts and deposits. As for professionals, contractors, and businesses, they will benefit from carefully designed services to meet their needs with ease and flexibility, in addition to the bank's expertise to arrange financing deals and structured deals. In addition, there are many services that customers will know of when they visit the BTI Bank headquarters, which was inaugurated yesterday at 161, Hassan II in Casablanca. This headquarter is the first of our plan to establish a wide network of 37 branches by 2022 in different cities of Morocco, supported by banking services and electronic channels.
BTI Bank aspires to create real partnerships with its clients, allowing the Bank and each of its clients to contribute to the development of society, and also to be a partner in achieving the success and aspirations of each one of them.
From Left to right:
Mr. Brahim Benjalloun, Managing Director, BMCE Bank; Mr. Adnan Ahmed Yousif, President & Chief Executive, Al Baraka Banking Group; Mr. Mohamed Maarouf, Acting General Manager, BTI Bank.
About Al Baraka Banking Group
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor's at BB+ (long term) / B (short term).
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2.1 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq, Saudi Arabia and Morocco, including two representative offices in Indonesia and Libya.