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).
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:
- 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
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