QIIB Opens in Morocco

Doha, November 25 (QNA) - Chairman of the Board of Directors and Managing Director Qatar International Islamic Bank (QIIB) Sheikh Dr Khalid Bin Thani Bin Abdullah Al Thani, officially opened QIIB in 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. On the occasion of the opening ceremony, HE Sheikh Dr. Khalid Bin Thani 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 economic 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 HH Sheikh Tamim bin Hamad Al Thani, who is patronizing various sectors of the Qatari economy. "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", he added. At the opening ceremony, QIIB Chief Executive Officer Dr Abdulbasit Ahmad Al-Shaibei, 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", he stated. 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 country 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." "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 recognized 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", he added. (QNA)