Mubasher: Bahrain’s Al Baraka Banking Group is gearing up for the opening of its first branch in Morocco by the first quarter of 2016, said CEO Adnan Ahmed Yousef.

Al Baraka will be the first foreign Islamic bank to operate in the Moroccan market after legislations were set regulating the activity, the top executive told International Islamic News Agency (IINA).

In June, the CEO announced a plan to launch a Morocco branch, in partnership with Banque Marocaine du Commerce Exterieur. The bank is expected to launch twenty centres to provide its services in the coming five years.

Bahraini media earlier reported that the venture would entail the contribution of around $50 million by each partner.