Question 1

What is Bank Assafa?

Accepted Answer

Bank Assafa is a participative (Islamic) bank based in Morocco, offering Sharia-compliant financial products and services. The bank is a wholly owned subsidiary of Attijariwafa Bank, one of the largest financial institutions in North Africa. Bank Assafa specializes in ethical banking products that comply with the directives of the Higher Council of Ulema (Conseil Supérieur des Oulémas).

As of 2020, Bank Assafa operates the widest network among Islamic banks in Morocco, serving both retail and corporate customers. The bank positions itself as a 100% Moroccan participative banking institution committed to providing financial services that align with Islamic principles.

Question 2

When was Bank Assafa founded?

Accepted Answer

Bank Assafa was officially founded in July 2017, following a favorable decision by the Credit Institutions Committee (Comité des Établissements de Crédit) on January 2, 2017. The bank's creation was authorized under Morocco's Law 103-12, which regulates participative (Islamic) banks in the country.

However, the bank's origins trace back to 2010, when Attijariwafa Bank established Dar Assafaa as Morocco's first Islamic banking window. This seven-year experience allowed the teams to develop expertise in alternative finance and understand the needs of Moroccan customers seeking Sharia-compliant banking services. When the regulatory framework for standalone Islamic banks was established, Dar Assafaa evolved into the independent Bank Assafa.

Question 3

Where is Bank Assafa headquartered?

Accepted Answer

Bank Assafa is headquartered in Casablanca, Morocco. The specific address is 4, Sanaa Avenue (formerly Chanzy), at the corner of Mustapha el Maâni Street, Casablanca.

As Morocco's economic capital and financial hub, Casablanca provides Bank Assafa with strategic access to the country's largest concentration of businesses and consumers.

Question 4

Where does Bank Assafa operate?

Accepted Answer

Bank Assafa operates exclusively in Morocco, with a network that spans 20 cities across the country. As of 2020, the bank maintained approximately 40 branches, making it the most extensive participative banking network in Morocco.

The bank's branch network covers major urban centers and regional cities, allowing it to serve customers throughout the Kingdom. This geographic coverage enables Bank Assafa to reach both metropolitan areas and smaller communities seeking Sharia-compliant banking services.

Question 5

What services does Bank Assafa offer?

Accepted Answer

Bank Assafa offers a comprehensive range of participative banking products and services designed for individuals, professionals, and businesses. These include:

Deposit accounts: Assafa Amana (current account), Assafa Hijra (for individuals and professionals), Assafa Tawfir (savings account), and accounts specifically for non-resident Moroccans.

Financing solutions: The bank provides Murabaha financing for real estate and vehicle purchases, Ijara (leasing) arrangements, and Musharaka (partnership-based financing) for business investments. These products adhere to Islamic finance principles by avoiding interest (riba) and excessive uncertainty (gharar).

Digital services: Customers can access Assafa Mobile and Assafa Net for online banking, enabling remote account management and transactions. The bank offers online simulators for automobile financing, real estate financing, financing capacity, and Zakat calculation.

Takaful insurance: Bank Assafa provides Sharia-compliant insurance solutions including Takaful Retraite (retirement planning) and Takaful Sabr (funeral expense coverage).

Payment solutions: The bank issues payment cards and provides various payment services including free account maintenance fees.

Question 6

What makes Bank Assafa unique?

Accepted Answer

Bank Assafa distinguishes itself as Morocco's participative bank with the widest branch network, giving it a competitive advantage in accessibility and market reach. The bank operates under strict Sharia compliance, with all products reviewed by Morocco's centralized Supreme Council of Clerics within the central bank—making Morocco one of only two countries (alongside Indonesia) with a centralized Sharia board.

The bank is built on five core values: Athika (confidence), Al Ikhlas (devotion), Assidk (integrity), Al Ibtikar (innovation), and Assafa (clarity). These principles guide the bank's commitment to transparent, ethical banking practices.

Bank Assafa benefits from the backing and expertise of its parent company, Attijariwafa Bank, while maintaining its focus on participative finance. The bank implemented the AAOIFI-certified iMAL core banking platform, positioning it as the largest French user of this Islamic banking system and enabling it to rapidly bring innovative Sharia-compliant products to market.

The bank specifically targets the approximately 6% of Moroccan individuals and enterprises who previously avoided conventional banks due to religious principles, as well as the broader market of Moroccans seeking ethical banking alternatives.

Question 7

What type of financial institution is Bank Assafa?

Accepted Answer

Bank Assafa is a participative bank (banque participative), the term used in Morocco for Islamic banks that operate according to Sharia principles. This classification was established under Moroccan Law 103-12, the Participatory Finance Law of 2015, which created the regulatory framework for Islamic banking in Morocco.

As a participative bank, Bank Assafa must comply with the directives of the Higher Council of Ulema and operate under the supervision of Bank Al-Maghrib (Morocco's central bank). The bank functions as a full-service retail and commercial bank, but all products and operations must adhere to Islamic finance principles, including the prohibition of interest (riba), excessive uncertainty (gharar), and investment in prohibited activities.

Participative banks in Morocco serve as an alternative to conventional banks while offering similar services—deposits, financing, payments, and advisory services—structured in compliance with Sharia law.

Bank Assafa

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About Bank Assafa in Morocco