IslamicFinance.de

Morocco's Economic, Social and Environmental Council (CESE) weighed in on the Islamic bank bill on August 28th, proposing two changes. Two negative remarks were made by the CESE. The first related to a lack of consumer information necessary to avoid unfair marketing by Islamic banks. The second dealt with the need to clarify the roles of the National Council of Ulema and the central bank in the oversight of the sector. However, civil society activist and CESE member Hakima Naji opposed the intervention of the High Council of Ulema in the financial sector. She criticised the idea of religious management of finance and said that the central bank had the necessary ability to both traditional and Islamic banks.