IslamicFinance.de

Morocco has issued a royal decree to create a sharia board of Islamic scholars to oversee the country's fledgling Islamic finance industry. Called the Sharia Committee for Participative Finances, it will be composed of 10 Islamic scholars and financial experts, the country's official bulletin said. The members of the committee will be named by the president of the country's Islamic scholars council. The board will approve the conformity of the Islamic products proposed by the participative banks, as they will be known under the legislation, and insurance (takaful) to sharia law. It will also oversee the central bank decisions regarding the participative finances sector.