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.



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