Morocco’s central bank has approved the use of
five types of Islamic banking transactions, effectively
rubber-stamping the launch of Islamic finance in the
The country’s Bank Al-Maghrib gave the green
light to a number of financial institutions to develop Islamic
banking units in laws
published on March 5. It granted licences to entities
including Moroccan banks Crédit du Maroc, Attijariwafa
Bank, BMCE of Africa and CIH Bank, France’s
Société Générale and Crédit
Agricole, and Bahrain’s Al Baraka in January.
Ashar Nazim, partner at Ernst & Young, said a number of
other regional banks in the Middle East, an established Islamic
finance space, are also looking to expand their outreach in a
selected way in the recently-opened Moroccan market.
"The new Moroccan legislation allows for a level playing
field in the provision of banking services and promotes
financial inclusion," he said. "But in...