By The Islamic Development Bank Institute (IsDBI) and Maghreb Bank for Investment and Foreign Trade (BMICE) have signed a grant agreement to support the establishment of an Islamic banking window at BMICE.
The support is intended to help BMICE build a “sound and sustainable” framework for Islamic finance operations that complies with applicable regulatory requirements and internationally recognized Islamic finance standards, the IsDB Group said.
The agreement, signed on 12 August 2026 in Jeddah, Saudi Arabia, provides a framework for IsDB Institute to extend technical assistance to BMICE in developing the institutional, regulatory, operational, and capacity-building requirements necessary as it develops Sharia-compliant financial services.
The initiative will support BMICE in creating a framework for offering Islamic finance products alongside its existing banking activities. Islamic banking generally prohibits interest-based lending and requires transactions to comply with Islamic principles.
The partnership brings together IsDBI, the knowledge and capacity-building arm of the Islamic Development Bank Group, and BMICE, a regional development bank established to support economic and financial integration among Maghreb countries.
Under the agreement, IsDBI will support BMICE in the process of establishing the Islamic window, including through technical assistance and institutional capacity building, according to the announcement.
The initiative is expected to help BMICE develop the systems, processes and governance arrangements required to provide Islamic financial services.
It will also support the bank’s efforts to broaden its financing offering to customers seeking Sharia-compliant products.
Islamic finance has expanded beyond markets where Islamic banking is dominant, with conventional financial institutions increasingly establishing dedicated windows or units to serve customers seeking products structured according to Islamic principles.
For BMICE, the planned Islamic window forms part of efforts to expand its financial services and strengthen its role in supporting investment and trade in the Maghreb region.
BMICE was established by Algeria, Libya, Mauritania, Morocco and Tunisia to promote economic integration and finance projects and investments that support regional development. The bank is headquartered in Tunis.
The agreement also reflects IsDBI’s broader role in providing technical assistance and knowledge-sharing to financial institutions seeking to develop Islamic finance capabilities.
The institute works with banks, financial institutions, governments and other organizations to strengthen their capacity in Islamic economics and finance.
The creation of the Islamic window will require BMICE to establish appropriate governance and operational arrangements to ensure that its Islamic finance activities comply with relevant Sharia requirements and applicable regulatory standards.
The agreement does not represent the launch of the Islamic window itself but provides a framework for supporting its establishment, according to the announcement.
