Islamic finance

July 13, 2016

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Islamic finance widens footprint in Maghreb nations

The predominantly Muslim countries in the Maghreb region of North Africa have set sight on introducing proper legal frameworks for Islamic finance and supporting and expanding the Islamic finance industry in a quest for more banking and funding options alternative to conventional finance. Among them are two nations that will launch Islamic finance regulations for the first time: Algeria and Morocco.

In Algeria, the state-run Banks and Financial Institutions Association plans to introduce a range of Islamic finance products under a new framework as a part of the country’s future strategy...

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July 3, 2016

2

Morocco to launch Islamic banking operations in 2017

Morocco's central bank said it would start issuing approvals for Islamic banks this year, with the aim of allowing them to begin business in early 2017.

Islamic banks and insurers are setting up in Morocco after it adopted legislation allowing them into the domestic market, and the central bank has set up a central sharia board with the country's body of Islamic scholars to oversee the new industry.

The North African country had long rejected Islamic banking due to concerns about Islamist movements, but its financial market lacks liquidity and foreign investors, both of which...

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June 30, 2016

3

Minister: Morocco to have first Islamic bank before end of year

The Moroccan Minister of Economy and Finance Mohammed Bou Said said on Tuesday that the country’s first financial institution fully compliant with the principles of Islamic sharia law will open before the end of 2016.

The minister made his remarks during a parliamentary session about the delay in the launching of an Islamic banking system in the country.

“The central"...

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