The Bank Al Maghrib (Moroccan central bank) gave its approval in May, following this Dar Assafaa announced its fund raising launch in July, The Governor of Bank Al-Maghrib approved Dar Assafaa Litamwil on 13 May 2010 as a finance company specialising in the marketing of alternative products. The announcement was published in the Official Bulletin No. 5852 of 18 Rajeb 1431 (1 July 2010).
Dar Assafaa Litamwil is a 100 per cent subsidiary of Attijariwafa Bank, capitalised at MAD 50 million ($5.7 million).
The Under the brand Dar Assafaa, the company will market a range of Shari'ah-compliant financing, referred to as ‘alternative’ – the official designation in Morocco. The first four products, available through a network of nine branches, are based on Murabaha contracts and include:
The start-up capital is modest but it has been suggested that Attijariwafa Bank is willing to consider partners in capitalising the company. Steps to remove the double payment of registration fees on property financed by Murabaha were taken in the 2009 Finance Act. The government went further in the provisions of the Circular on Taxation of the Finance Act 2010, reducing VAT on Murabaha. Measures such as these make ‘alternative’ financing significantly more competitive.
- Safaa Immo: to finance real estate projects
- Safaa Auto: vehicle finance
- Safaa Cons: for the purchase of products and services
- Safaa Tahjiz: to equip your home