IslamicFinance.de

Morocco's BMCE Bank is preparing to launch an Islamic subsidiary as a joint venture with a major Islamic financial institution from the Middle East. Moreover, the Moroccan parliament is discussing a bill that would regulate Islamic banks and sukuk issues; approval is expected before the end of this year. Meanwhile, Tunisia is gearing up for its first sovereign sukuk issue, and in July, regulators in Jordan introduced rules for sukuk. Banks from Kuwait, Qatar, Bahrain and the United Arab Emirates have expressed interest in entering Morocco when its Islamic finance bill comes into force. Moroccan authorities are expected to guide the foreign banks toward partnering with local banks rather than establishing fully owned Islamic subsidiaries.