Morocco adopts legislative framework for the establishment of Islamic banks

Jan 24, 2014

The Moroccan parliament adopted on January 16th a bill on the creation of participatory Islamic banks.

The Moroccan parliament adopted on January 16th a bill on the creation of participatory Islamic banks.

Minister Delegate for the Budget Driss Azami said that the creation of a legislative framework for Islamic
banks

was "necessary, because we believe that inclusive financial products and services can make a significant contribution to the mobilisation of savings and financial inclusion in Morocco," newspaper Magharebia reports.

The government indeed intends to substantially increase national savings, said government spokesman Mustapha El Khalfi.

He added that participatory banks shall appoint an audit committee to identify and prevent the risks of non-compliance with Shariah.

Since 2011, the kingdom has embarked on a program to develop Islamic finance in a bid to stimulate the development of the financial system and attract money from Gulf countries to reduce the budget deficit. The issuance of Islamic bonds is also being considered, Yabiladi reports.


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