Qatar International Islamic Bank (QIIB) has signed an agreement with Moroccan firm Credit Immobilier et Hotelier (CIH Bank) to set up a bank in Morocco. The country has just started offering Ismalic financing facilities. The central bank of the country had earlier said it would be offering Islamic banking licences in 2016. Islamic banks from Kuwait, Bahrain and the United Arab Emirates have also expressed interest in entering Morocco. QIIB will take a 40% stake in the new bank, which is expected to launch in coming months after necessary approvals. The joint venture is part of QIIB’s strategy to pursue overseas investments and diversity its portfolio.
