El Wifack has signed an advisory services contract and a term sheet with the Islamic Corporation for the Development of the Private Sector (ICD) in order to process and support its conversion to full Shariah compliant Banking operations. The advisory agreement is designed to develop an advisory process in order to efficiently and effectively deliver full conversion: including to identify challenges and address impediments to this mutual collaboration. The ICD will dedicate seven key teams across the full conversion process: including in the areas of project management, Shariah compliance, treasury, accounting, human resources, information technology, marketing and legal framework.

The partnership agreement is designed to increase the capital and fully convert El Wifack Leasing firm into a fully-fledged Islamic financial institution in order to undertake commercial banking activities in Tunisia, and represents a groundbreaking move in the development of a strong and supportive Islamic financial sector in the country. With authorized capital of at least TND150 million the new bank will be a valuable addition to the Tunisian banking landscape, as well as opening the door to further development of Shariah compliant products and services for the Tunisian population.