Tunisia launches first Islamic bank

Tunisia has launched its first Islamic bank, Banque Zitouna, with a capital of $30 million aimed at developing Islamic loan and saving products for businesses and individuals.  Banque Zitouna was founded by the Tunisian businessman Mohamed Sakher El Materi, Chairman of “Princesse Holding Group”.
"Azzitouna Bank will develop a comprehensive and innovative range of banking products and services ... in accordance with the principles of Islamic finance," El Materi said. "Our idea of founding an Islamic bank in Tunisia had several objectives ... to consolidate and enrich the banking and financial system of our country by offering new innovative solutions that complement the products and services already offered by traditional banks," El Materi added.
El Materi leads Princesse Holding, which contributed 51 per cent of the bank’s capital with the rest shared by local partners. Capital is expected to grow to $71 million in 2011.
The bank is starting with nine branches and managers want to grow to 20 next year.