After being approved by the Central Bank, participatory banks will start operating in the coming weeks, Mohamed Boussaid Minister of Economy and Finance said on Tuesday in Rabat. The Minister’s statement was disclosed in a response to an oral question in the House of Representatives. In order to allow participatory banks to have the necessary liquidity for their activities, sukuks (bonds) will be issued, the Minister said adding that the importance of this project relies on «a
Le Groupe Banque centrale populaire (BCP) a annoncé, mardi, la finalisation de la prise de contrôle de la Banque internationale pour l'Afrique au Niger (BIA-Niger), deuxième institution bancaire du pays. Cette nouvelle acquisition, qui s’inscrit dans le cadre de sa stratégie de développement à l’international et du renforcement de son maillage africain, permet au Groupe BCP de se hisser au rang de premier groupe bancaire au Niger,
Fitch Ratings believes that introducing covered bonds to the Moroccan market would contribute to the «growth of retail mortgage lending», reports Reuters. The institution which is one of the «Big Three credit rating agencies», believes that covered bonds could be a reliable source of funding for banks as «deposits provide about 70% of banks' funding. Retail mortgage loans by banks totalled MAD 188 billion (USD 18 billion) at end-2016,
After finishing the acquisition of the International Bank for Africa in Niger (BIA-Niger), the country's second largest banking institution, the Central Populaire Bank is strengthening its presence in Africa, particularly in West Africa, MAP reported. In addition, it is a transaction after a first acquisition in the same country, Atlantic Bank Niger. The BCP is now the leading Moroccan banking group in Niger. Marking, therefore, another step taken by the banking institution as part of its
Crédit Agricole Group of Morocco (GCAM) announced yesterday during a press conference the launch of new offers for the agri-food sector, the group said in a statement. «Presented in the form of packages per channel combining operating and investment credits with pre-financing or advances on subsidies granted by the State, these offers target suppliers as well as producers, processors or exporters and local marketing», explains the GCAM. This system is characterized by
Avi Gabbay, an Israeli politician and son of Moroccan jews, was elected on Monday head of the opposition Party succeeding his Israeli-Moroccan counterpart Amir Peretz, the Guardian reports. Competeing for the leadership of the political party, the two Israeli-Moroccan nationals managed to defeat Isaak Herzog, former leader of the party. The same source indicates that «Gabbay will serve as the party’s head and candidate for prime minister but cannot be leader of the opposition as he
In order to fight for women's rights and empower girls around the world to become leaders in science, technology, engineering and mathematics, the TechGirls initiative has been implemented by the US state Department, the latter said in a statement. Four Moroccan high school students will participate to the TechGirls exchange program on the 12th of July to the 3rd of August. Asmae Aannaque, Yasmina El Argoubi, Asmaa Hadir and Soukaina Tachoufti will indeed spend three weeks in the United
Le professeur universitaire Najia Mekaoui a été élue, mardi à Abidjan, présidente de la Commission permanente indépendante des droits de l’homme au nom du groupe arabe, au sein de l’Organisation de la coopération islamique (OCI), pour un mandat de 3 ans renouvelable. La candidature de Najia Mekaoui à ce poste a été déposée par le ministère des Affaires étrangères et de la
Une secousse tellurique d'une magnitude de 4 degrés sur l'échelle de Richter a été enregistrée lundi dans la province d'Al Hoceima, a annoncé l'Institut national de géophysique (ING). La secousse, dont l'épicentre est situé dans la commune Bni Hadifa à la province d'Al Hoceima, s'est produite vers 17h05 min 25 sec (GMT+1), a précisé le Réseau national de surveillance et d'alerte sismique de l'ING dans un
The power struggle within the General Union of Workers of Morocco (UGTM) promises summer episodes. On Monday, clashes between supporters of Hamid Chabat, General secretary of the Istiqlal Party, and members of the security forces took place in front of the Union's headquarters in Rabat. The police came to enforce a judgment of the Court of First Instance in Rabat, summoning the branch led by Kafi Cherrat to evacuate the seat of the Istiqlal trade union arm to the benefit of the current one
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