Launch of the New Bank of Mauritania

Jul 25, 2014

The New Bank of Mauritania (NBM) has officially launched its activities on Wednesday (23 July) in Nouakchott.

The New Bank of Mauritania (NBM) has officially launched its activities on Wednesday (23 July) in Nouakchott.

This bank's vision is to be both innovative in services and banking products and faithful to the precepts of Sharia financing, the Nouakchott Information Agency reports.

CEO Abdel Baghi Bouha Ould Ahmed said at the launching ceremony that the bank wishes to stress that while it is rooted in Islamic values
and principles, it also supports modernity and economic progress.

The Central Bank of Mauritania (BCM) implemented a series of reforms in 2012 aimed at
providing
legal and regulatory framework that is specific to Islamic finance products.

This financing method is therefore considered as a viable solution to improve access to banking services in Mauritania, where only 150,000 people own a bank account in a population of three million, according to figures from the BCM.ADNFCR-2976-ID-801737628-ADNFCR