Al Baraka Banking Group will start an Islamic financing operation in Morocco to diversify assets and revenues.
The benefit of Islamic banks is that Morocco can avoid going into business with massive lenders from western countries.
There are 19 banks in Morocco. The top three make up two-thirds of the total assets and the offshore banks make up less than five percent of the total assets.
Al Baraka is now partnered with BMCA, the third-biggest lender in Morocco, judging by revenue.