With a 99% Muslim population, it seems like Morocco
would present an opportunity for Islamic banking. However with
its first Islamic bank set to open later this year, lawyers are
unsure whether the country will reach its shariah-compliant
Dar Assafaa, a subsidiary of Attijariwafa Bank,
could open its doors as early as September 2015. Market
participants have noted that it is significant that the firm
has opted not to enter a joint venture with a foreign bank, as
is common in new jurisdictions, instead building its own
Islamic banking business from the ground up.
"There is definitely potential. Islamic finance, however, is
relatively new for this market," said...