The introduction of Islamic banks into the Moroccan banking system

On November 25, 2014, the Moroccan parliament unanimously passed the new law n°103.12 relating to credit institutions and similar entities, of which the third title is wholly dedicated to “participative” or Islamic banks.

This law will allow all Moroccan financial institutions to launch a subsidiary dedicated to the presentation of Islamic Sharia-compliant products.

In this way, these so-called “participative” banks will be subject to the supervision of the High Council of Moroccan Ulemas. Active banks in Morocco have already begun submitting their approval requests to the Moroccan Central Bank “Bank Al Maghreb”.

However, the enforcement decree has not yet been published by Bank Al Maghreb.

November 27, 2014, Banking law, Moroccan law, Islamic Finance