Umnia Bank’s Board of Directors recently held a meeting, chaired by Sheikh Dr Khalid bin Thani bin Abdullah al-Thani, chairman of the board, in the presence of Lotfi al-Saqat, vice chairman, and other board members in order to discuss the bank’s results for the first half of 2020 as well as the bank’s business strategy for the coming period.
Sheikh Dr Khalid expressed his satisfaction with the results of Umnia Bank during the past period, as the bank was able to abridge many stages and achieve an optimistic expansion with some 35 branches to date across various cities and regions of the Kingdom of Morocco. This expansion undoubtedly reflects the great demand for the bank’s services and the opportunities inherent in the Moroccan market for Islamic banking services.
Sheikh Dr Khalid pointed out that the bank’s services and products witnessed a steady growth, and said, “We noticed a remarkable demand for real estate financing, vehicle financing, credit cards and banking services through alternative channels among other products. Customers’ confidence in the bank increased its total assets to about 3.6bn Moroccan dirhams, and we hope that such momentum will persist so as to strengthen the bank’s position as the first bank licensed to practice Islamic banking in the Moroccan market”. He thanked the bank’s customers in the Moroccan market for their confidence in Umnia Bank, and stressed that their satisfaction will always be the compass that will guide the bank in its endeavours.
He also urged the bank’s executive management to constantly respond to customers’ aspirations and market needs, in a way that would strengthen the bank’s financial position, contribute to development and achieve the desired results”.
Sheikh Dr Khalid called upon Umnia Bank to benefit from the experiences of Islamic banks in the State of Qatar and their success on the international scene, noting that the experience of QIIB will undoubtedly enrich and enhance the business prospects of Umnia Bank and provide it with the expertise it currently needs in order to achieve more success. It is worth noting that Umnia Bank began operating in the Moroccan market in July 2017 after obtaining its final license in March 2017. Umnia Bank is a partnership between Qatar International Islamic Bank, Credit Immobilier et Hotelier (CIH) and the Moroccan Depository and Management Fund, with QIIB holding 40% of the bank’s capital.
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