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Best Bank: Attijariwafa Bank |
Like just about everything in the country, the Moroccan banking scene is dominated by one man: the king. Very little changes from year to year, but occasionally something happens. In 2004 Banque Commerciale du Maroc merged with the Wafa Group and changed its name to Attijariwafa Bank. The group’s principal activities are personal and professional banking, corporate banking, investment banking and international banking. The group also offers real estate, insurance and banking services through its subsidiaries Wafa Immobilier, Wafa Assurance, and Banque du Sud. And the figures are good, with lending up 26% and deposits up 18% in the first quarter of 2007. Net results of the group are up 44.3%, with turnover reaching Dh2 billion ($240 million). The bank’s Islamic links will stand it in good stead when Morocco belatedly allows the introduction of Shariah-compliant banking products – although it won’t be allowed to call them Islamic.
"The decision has been taken to begin offering these services from the beginning of July," says a senior official at the central bank. This will include ijara, moucharaka and mourabaha products, although they will be called something else, at least officially.