The Islamic Development Bank (IDB) and the Turkish bank, ASYA Bank, have set up a subsidiary in Mauritania under the name Islamic Bank of Mauritania (BIM).
The new bank will officially launch its activities on 27 November, acording to a statement issued in Nouakchott on Wednesday.
BIM has a capital of US$22 million with 60 per cent of the shares held by the Islamic Corporation for Private Sector Development (SIDSP), a subsidiary of the IDB, against 40 per cent for Turkey’s ASYA Bank.
The creation of the bank is part of the decision of IDB and ASYA Bank to develop and promote Islamic finance in the Maghreb and West Africa.
The statement said the BIM would assist the private sector through targeted interventions oriented toward growth sectors of the economy.
BIM will bring to nine the number of banks in the country of which four are foreign.