This is the 4th IFN Morocco event.
Morocco’s Islamic finance industry has made great strides in the past three years to catch up with its peers, recording healthy growth in its different subsectors.
An Islamic finance bill was passed in 2014 and a commission dedicated to Islamic banking established in 2015, paving the way for Shariah compliant transactions. In 2017, the Kingdom approved five Islamic financial concepts and allowed the operation of Islamic windows, as well as giving the greenlight for Sukuk issuances and Takaful operations. In 2018, a wider range of Sukuk structures were allowed and a crowdfunding bill outlining regulations for Islamic platforms submitted, and in 2019, the House of Councillors approved a law allowing insurance companies to set up Takaful subsidiaries. Further, the central bank is planning for an Islamic interbank market as well as sovereign treasury Sukuk.
There are currently Eight banks in Morocco licensed to offer Islamic products.
This is a fascinating, developing, emerging market and is worth keeping a close eye on.