including possibly widening the official bands for fluctuation of the dirham by around 5 percent as a first phase. Earlier this year, Morocco'sCentral Bank also approved requests to open Islamic Banks, including regulatory approval for CIH, who has partnered with Qatar International Islamic Bank (QIIB) to open its Islamic bank dubbed Umnia Bank. CIH's assets make up less than 5 percent of Morocco's banking sector, reporting a 434.5 million dirham which makes 43.12 million US dollars net profit in 2016. Earlier this year, Fitch rated CIH BB+ with a stable outlook, the bank's first rating from Fitch. CIH and its majority shareholder, CDG, a public sector establishment, will hold 60 percent of the shares in Umnia Bank, while QIIB will hold the remaining 40 percent shares. CIH is among five banks to receive regulatory approval from the Central Bank to open Islamic banks in the country after Morocco long rejected Islamic banking due to concerns about the influence of Islamist movements. Islamic finance is also seen as a way to draw more foreign investment to the domestic financial market. Moroccan dirham exchange rate is currently fixed by a peg that is 60 percent weighted to the euro and 40 percent to the dollar. The central bank is planning to ease the peg and allow the currency to trade within a narrow range. As an emerging bank, CIH hopes to use the liberalization of Morocco's currency regime to position itself as a key intermediary between the central bank and the market The IMF last year said that it agreed with authorities that the current situation was suitable to move toward a flexible exchange rate and an inflation-targeting regime despite the risks from global financial instability.