IslamicFinance.de

Since the launch of Islamic 'participatory' banks in July 2017, more than 71 agencies have joined the non-interest banking program throughout Morocco. Abdellatif Jouahri, the governor of Bank Al Maghrib (Morocco’s central bank), said the participatory banks have granted a total of MAD 1.1 billion in loans. Jouahri highlighted the special interest that murabaha is especially attractive for both real estate and automobile customers. The governor stressed that Morocco is preparing to issue its first sukuk in July 2018, which will complement the services offered by participatory banks. While the order approving the takaful circular has already been finalized, the legislative texts are still being finalized.