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Bahraini lender launches Islamic banking unit in Morocco with BMCE

Bahrain-based Al Baraka Banking Group BSC launched an Islamic banking unit, or so-called participation bank, to be headquartered in Casablanca, Morocco, and operated in partnership with Banque Marocaine du Commerce Extérieur SA.

BTI Bank will offer financing for buying property, vehicles and equipment, along with savings accounts and deposits, while conforming to Shariah requirements, Al Baraka Banking Group said. Shariah-compliant banking forbids the charging or payment of interest, among other restrictions.