Moroccan banking regulations do not allow Moroccan banks to market Islamic finance products. The governor of the Moroccan Central Bank has refused seven requests filed by Islamic banks to establish in the Kingdom of Morocco. However, he recently announced that a recommendation should be adopted that enables marketing of alternative finance products. The idea is that there would not be Islamic or non-Islamic banks in Morocco but rather banks authorized to market all kinds of products, some being shariah-compliant and others not.
April 30 2007