The Moroccan parliament adopts a draft law on Islamic finance

Jul 02, 2014

The Moroccan parliament has adopted a draft law regulating Islamic finance in the country.

The Moroccan parliament has adopted a draft law regulating Islamic finance in the country.


The state now allows Islamic finance institutions to be fully established in Morocco, provided they are subsidiaries of domestic or foreign banks.


The vote paves the way for banks BMCE and BCP, both of which have announced a few weeks earlier their intention
to
launch Islamic subsidiaries in the country, according to a report from Reuters.


The Moroccan press has recently revealed that the Moroccan central bank has received several requests for approval from Islamic banks based in the Gulf region, Ecofin news agency reports.


Al Barak Bank (Bahrain), the Investment Bank of Kuwait and Qatar National Bank are among these banks.


The potential for Islamic finance is important in Morocco since only 40 percent of Moroccans have a bank account and more than 98 percent of the population is Muslim.ADNFCR-2976-ID-801732626-ADNFCR