Two new banks will launch Islamic subsidiaries in Morocco

Mar 27, 2014

The banks BMCE and BCP are preparing to launch Islamic subsidiaries, according to Reuters.

The banks BMCE and BCP are preparing to launch Islamic subsidiaries, according to Reuters.

Both banks will however only announce the launch of their subsidiaries once the draft law regulating Islamic finance is approved by the Moroccan parliament.

It is currently discussing a bill regulating Sharia-compliant finance, which will allow finance institutions that only deliver Islamic products to be established in Morocco, provided they are subsidiaries of domestic or foreign banks.

Attijariwafa bank was the first to create an Islamic finance subsidiary in Morocco in 2010.

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.

In 2012,
independent research from IFAAS (Islamic Finance Advisory & Assurance Services) indicated that 94 percent of the Moroccan population is in favour of Islamic finance.ADNFCR-2976-ID-801707068-ADNFCR