Islamic Finance: Morocco and IDB sign cooperation agreement
The agreement is designed to promote Islamic Banking in sub-Saharan countries.The Islamic Development Bank (IDB) has signed a memorandum of understanding with Morocco for promoting existing cooperation and transferring Moroccan expertise to IDB member countries south of the Sahara.
The agreement aims to enhance growth and social progress and promote Islamic banking in sub-Saharan countries to enable them
achieve sustainable development by involving the Moroccan public and private enterprises in the implementation of development programmes there, the IDB said in a statement.
Another agreement was also signed this week between the Moroccan Agency for International Cooperation, the Government of Burkina Faso and the IDB to promote the exchange of knowledge and expertise among its member countries.
Morocco has acquired a strong expertise in Islamic finance. This financing method could represent - within three to five years - between ten and 20 per cent of Morocco's banking system, according to Standard & Poor's economic analyst Mohamed Damak.
He told L'Usine Nouvelle that Islamic finance should develop in Africa thanks to the increasing need for infrastructure funding.