Bank Al Karam

What Bank Al Karam does

Bank Al Karam is a Moroccan Sharia-compliant bank headquartered in Casablanca, operating exclusively under Islamic finance principles with certification from the Conseil Supérieur des Oulémas. Originally founded in 2017 as Bti Bank, the institution was rebranded Bank Al Karam in June 2023 following its full acquisition by BANK OF AFRICA in December 2022. The bank is 100% owned by the BANK OF AFRICA group, with total capital of 520 million MAD after a 120 million MAD recapitalization in 2023, and operates with a 92-person team.

The bank's product set centers on Mourabaha cost-plus financing across multiple asset classes — real estate, auto, equipment, merchandise, and raw materials — alongside Sharia-compliant deposit products including current accounts and investment deposits. It also distributes Takaful insurance, rounding out an ecosystem approach to the Sharia-compliant customer wallet. Distribution is hybrid: a physical branch network (including the Fès branch opened in June 2023) complemented by two dedicated digital platforms, Al Karam Connect for retail customers and Al Karam Business Connect for corporate clients, enabling digital onboarding and servicing.

The revenue model is built on financing margins from Mourabaha assets, spread income on deposits, and fee/commission income from ancillary products such as Takaful distribution and account services. The customer base spans individuals, professionals, and SMEs across Morocco, with no geographic or segment concentration disclosed. Operations are confined to the Moroccan market, and the franchise is positioned as a Sharia-compliant alternative within the broader BANK OF AFRICA ecosystem, leveraging group-level credibility while maintaining distinct Islamic identity.

Name

Bank Al Karam

Legal name

BANK AL KARAM

Website

https://bankalkaram.ma

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

Bank Al Karam is a Moroccan Sharia-compliant bank, fully owned by BANK OF AFRICA, that serves individuals, professionals, and SMEs in Morocco through Mourabaha financing, Sharia-compliant deposits, Takaful insurance, branch distribution, and dedicated digital platforms.

Ownership category

akta.pro rank

Product category

Participative (Islamic) Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

akta.pro secondary industries

Islamic Retail Banking (FSABAGAA), Islamic SME & Commercial Banking (FSABAGAB), Islamic Corporate Banking (FSABAGAC), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF)

Keywords

• Participative banking
• Mourabaha financing
• Islamic finance services
• Sharia-compliant banking
• Takaful insurance

Headquarters

HQ city

Casablanca

HQ country

Morocco

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Financing Revenue (Mourabaha): The bank generates revenue through Mourabaha financing arrangements, where margins are added to the cost of goods sold to clients. This includes real estate financing, auto financing, equipment financing, merchandise financing, and raw material financing.
2. Current Account Services: Fee-based services on current (checking) accounts including card management, transfers, and other transaction services.
3. Takaful Insurance Distribution: Distribution of Sharia-compliant Takaful insurance products through the bank's channels, generating commission revenue.
4. Investment Deposits: Investment deposit accounts that generate returns for depositors while providing the bank with funding for its financing activities.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Bank Al Karam is a Moroccan Sharia-compliant (participative) bank that offers current accounts, Mourabaha-based asset financing for real estate, automobiles, equipment, vehicle fleets, and merchandise, investment deposits, Takaful insurance distribution, and dedicated digital banking platforms for individuals, professionals, and businesses. Its offering is structured around Sharia-compliant financial products certified by the Conseil Supérieur des Oulémas and is delivered through the BANK OF AFRICA group's Moroccan distribution infrastructure.

Product overview

Bank Al Karam is a Sharia-compliant (participative) bank in Morocco operating as part of the BANK OF AFRICA group. The company offers a unified portfolio of Islamic banking products and services through a multi-segment approach: for individuals, it provides current accounts, real estate and auto financing through murabaha contracts, investment deposits, and Takaful insurance; for professionals and businesses, it offers professional accounts, the AL KARAM PRO card, and various business financing options including equipment, vehicle fleet, and merchandise financing. Digital access is enabled through Al Karam Connect (for individuals) and Al Karam Business Connect (for enterprises) online banking platforms, complemented by a network of ATMs. The bank operates under the supervision of the Conseil Supérieur des Oulémas for Sharia compliance.

Differentiator

Problem solved

Functional benefit

Products and services

• Compte à vue (Current Account) Sharia-compliant current account that allows customers to hold funds, make day-to-day transactions, and access associated banking services, available to individuals, professionals, and businesses.
• Carte AL KARAM PRO International payment card linked to a professional's account, designed for self-employed professionals and small businesses to make and receive payments on a Sharia-compliant basis.
• Financement Mourabaha Immobilier Sharia-compliant asset-financing product that enables individual customers to acquire residential real estate on a Murabaha (cost-plus) basis, structured to comply with Islamic finance principles.
• Financement Mourabaha Automobile Sharia-compliant asset-financing product that allows individual customers to acquire a vehicle on a Murabaha (cost-plus) basis, in compliance with Islamic finance principles.
• Financement Mourabaha Équipement Sharia-compliant Murabaha asset-financing product for professionals and businesses to acquire equipment needed for their activity, structured under Islamic finance principles.
• Financement Mourabaha Matériel Roulant Sharia-compliant Murabaha asset-financing product that enables businesses to finance vehicle fleets on a cost-plus basis, in compliance with Islamic finance principles.
• Financement Mourabaha Marchandise Sharia-compliant Murabaha asset-financing product for businesses to finance merchandise and raw materials, structured to comply with Islamic finance principles.
• Dépôts d'investissement Sharia-compliant investment-deposit product that allows individual customers to place excess funds with the bank on an Islamic-finance basis in order to earn an expected return.
• Takaful insurance distribution Distribution of Sharia-compliant Takaful insurance products to Bank Al Karam customers, completing the bank's participative-banking ecosystem alongside deposit and financing offerings.
• Al Karam Connect Digital banking platform that gives individual customers of Bank Al Karam online access to their accounts, transactions, and Sharia-compliant banking services.
• Al Karam Business Connect Digital banking platform that gives business customers of Bank Al Karam online access to their corporate accounts, transactions, and Sharia-compliant banking services.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Umnia Bank: Umnia Bank is a Moroccan participative bank offering Sharia-compliant retail, professional, and business banking products — directly comparable to Bank Al Karam's positioning as a pure-play Islamic bank in Morocco.
• Al Rajhi Banking and Investment Corporation: Al Rajhi Bank is one of the largest Islamic banks globally, offering Sharia-compliant retail, SME, and Murabaha-style financing. It is a relevant reference for Bank Al Karam's product model and scale ambitions in Islamic banking.
• Kuwait Finance House: Kuwait Finance House is a leading global Islamic bank with diversified Sharia-compliant financing, deposit, and Takaful products. It serves as a relevant Islamic banking benchmark for product depth and capital structure relative to Bank Al Karam.
• Al Baraka Banking Group: Al Baraka Banking Group is a Bahrain-based Islamic banking group that was Bank Al Karam's (formerly Bti Bank) previous majority shareholder. It operates Sharia-compliant banking across multiple jurisdictions and remains a relevant reference point for the Moroccan franchise.
• Bank Al Akhdar: Bank Al Akhdar is a Moroccan participative bank under the BCP group, providing Sharia-compliant current accounts, Murabaha financing, and Takaful insurance — directly competing with Bank Al Karam in the Moroccan Islamic banking segment.

Broad incumbents

• BANK OF AFRICA (BMCE Group): BANK OF AFRICA is the parent group of Bank Al Karam and one of Morocco's largest banking groups with pan-African operations. While Bank Al Karam is the Islamic subsidiary, the parent sets group strategy, capital allocation, and competitive dynamics.
• Banque Populaire du Maroc: Banque Populaire du Maroc operates the Bank Al Akhdar participative banking subsidiary, giving it a direct Islamic banking presence alongside its dominant conventional franchise. It is a broad incumbent competitor to Bank Al Karam.
• Attijariwafa Bank (Attijari Participations): Attijariwafa Bank is Morocco's largest banking group, operating a participative banking window alongside its conventional franchise. It competes with Bank Al Karam in Islamic finance but with vastly greater scale and distribution.
• Emirates NBD (with Emirates Islamic): Emirates NBD operates Emirates Islamic as a dedicated Sharia-compliant subsidiary alongside its conventional franchise. It is a broad incumbent comparable to Bank Al Karam's positioning as a wholly-owned Islamic subsidiary of a larger banking group.

Regional players

• BTK Bank (Banque Tuniso-Koweïtienne): BTK Bank is a Tunisian Islamic bank offering participative banking products comparable to Bank Al Karam's Murabaha-based retail and SME financing, operating in a similar North African regulatory and cultural context.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bankalkaram

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank Al Karam