Setup of islamic bank ‘Wifack International Bank’

Kammoun & Kallel led the transaction advice of ICD (Islamic Corporation for Development of Private Sector) in connection with financing of a non-conventional full-fledged bank operating without interest in accordance with Sharia principles (Wifack International Bank- WIB).

The WIB has been set up on November 2015 with an initial capital of 150 000 000 Tunisian Dinars. The Firm has been vested with the legal Due Diligence of El Wifack, drafting and assistance to the negotiation of the transaction documents. During the transaction, a specific focus has been paid to the Islamic finance and banking legal issues raised and to the stock market and control exchange issues.