Islamic finance on the rise in Morocco
Opportunities for Islamic finance are to grow over the next few years, according to experts gathered at the sixth African Islamic Finance Forum (FAFI).Opportunities for Islamic finance are to grow over the next few years, according to experts gathered at the sixth African Islamic Finance Forum (FAFI).
According to the forum highlights published by All Africa, Islamic finance institution can become creators of wealth and employment.
Youssef Baghdadi, of Dar Assafaa bank, declared: “Islamic finance, as a source of funding for African economies, must offer competitive products to attract customers and not focus solely on compliance with Sharia law”.
There are multiple opportunities for Islamic finance in Morocco because the rate of penetration of traditional ways of banking is only of 53%.
It makes sense to organise this year’s FAFI in the kingdom as it has just passed a law which defines the status of Islamic banks in the country and specifies the products they can offer.
Finéopolis Consulting, organiser of the FAFI, explained that Morocco made “a giant step forward towards adopting this new industry by setting up an entire regulatory framework dedicated to inclusive finance.”
The FAFI took place in Casablance at the end of January. It focused on “The dynamics, strategies and stakes of setting up” Islamic finance.