Two of Morocco’s biggest banks, BMCE and BCP are preparing to launch Islamic subsidiaries as the Moroccan parliament discusses a bill regulating Shariah-compliant banks and sukuk issues.
Parliament’s approval will be the last step before fully-fledged Shariah-compliant banks can be established in Morocco, whether they are subsidiaries of domestic banks or foreign owned, a measure which could attract more Gulf Arab investment.
Morocco’s central bank has also started talks with a body of Shariah scholars on establishing a central Shariah board to oversee the country’s developing Shariah finance industry.
http://www.reuters.com/article/2014/03/23/us-morocco-banking-idUSBREA2M0F620140323
