(MENAFN- The Peninsula) The Peninsula
Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of the Board of Directors and Managing Director of Qatar International Islamic Bank (QIIB) officially opened the headquarters of Umnia Bank in Morocco.
The opening ceremony was attended by senior officials and representatives of the business sector in Morocco as well as the Director General of the CDG, the President, the Director General of the Mortgage and Tourism Bank, the Deputy Chairman of the Board of Trustees of Umniah Bank, the General Manager of Bank Al Maghrib and a delegation from the Higher Scientific Council of the Kingdom of Morocco.
Sheikh Turki bin Khalid bin Thani Al Thani, member, QIIB Board of Directors and Dr Abdulbasit Ahmad Al Shaibei,QIIB Chief Executive Officer besides senior officials of the Qatari Embassy in the Kingdom of Morocco and members of the Embassy attended the event.
On the occasion of the opening ceremony, Sheikh Dr. Khalid said: 'The Umnia Bank represents a continuation and strengthening of the strong partnership between Qatar and Morocco and today it will serve as an additional bridge that can make new ec onomic partnerships that benefit the economies of both the countries. We are indebted for the success and prosperity of our business inside and outside Qatar to the great support and guidance of His Highness the Emir of Qatar Sheikh Tamim bin Hamad Al Thani, who is patronising various sectors of the Qatari economy.
He added: 'The official opening today comes shortly after the launching of the operations of the Umnia bank, which now has 12 branches and will have 20 branches by the end of this year. The plans of the bank include more branches and services in various Moroccan cities, and offer participatory banking services to citizens in the Kingdom of Morocco.
'Since the early stages of applying for the establishment of a participatory bank, we have seen the support of the parties authorised to grant the necessary licenses in the Kingdom of Morocco. We congratulate them on their distinguished investment environment that opens development prospects for various economic sectors in Morocco, he added.
Sheikh Dr Khalid deeply thanked QIIB partners, CIH and CDG, for the establishment of Umnia Bank saying QIIB is proud of this partnership and hopes it will lead to excellent results for all parties.
At the opening ceremony, Dr Abdulbasit Ahmad Al Shaibei, QIIB Chief Executive Officer said, 'The official opening of the Umnia Bank has economic, social and banking importance and referred to the solid foundation on which the long lasting fraternal, cooperation and friendship between the State of Qatar and the Kingdom of Morocco are based.
'Our decision to enter and invest in the Moroccan market is based on our strong belief of importance of this country, which is rich with its capabilities, capacities and the creativity of its people, as well as the incentives provided by the Moroccan government in order to encourage investments, safeguard the interests of investors and facilitate the implementation of various projects. Their success will benefit both parties- the investors and the Moroccan economy.
Dr Al Shaibei stated that 'QIIB, as a Qatari bank, is looking to broaden the activities of Umnia Bank in the Kingdom of Morocco, as a natural result of the strong Moroccan-Qatari relations on the one hand, and the overall conditions witnessed by the region on another. Umnia Bank denotes how effective interaction and cooperation between sister countries can succeed, break barriers and obstacles, and two countries can work hand in hand based on a common interest and looking forward to a bright and prosperous future.
He added: 'We heavily rely on Umnia Bank and we bet on its success. All indicators point to the fact that the demand for participatory banks in the Kingdom of Morocco will be huge, and will encourage many to invest their money. It will also pave the way for new forms of financing to the various sectors that have proved useful and successful in dozens of countries in which participating banks work. These banks have been recognised internationally, so much so the G20 Summit held in Turkey in November 2016 adopted 'participatory financing as a global financing model for achieving sustainable development.
In his speech, Dr Al-Shaibei said that 'our plans are ambitious and our hopes are high, and we will work accordingly to make Umnia an icon for participatory banks, not only in the Kingdom of Morocco, but also in the entire Africa. We believe the Kingdom of Morocco will become our gateway to elsewhere in Africa.
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