Qatar International Islamic Bank gets approval to expand in Morocco

Qatar International Islamic Bank (QIIB), the Gulf state’s third-largest listed Islamic bank by assets, said on Thursday it had received approval to open a bank in Morocco with local lender Credit Immobilier et Hotelier (CIH).

QIIB said in a bourse statement that it was working with CIH Bank to meet requirements and obtain necessary regulatory approvals in Qatar and Morocco.

Morocco’s central bank approved five requests to open Islamic banks in the country, including a CIH Bank proposal, on Jan. 3.