IslamicFinance.de

Morocco's central bank will start issuing approvals for Islamic banks this year so that they can begin business in early 2017. The North African country had long rejected Islamic banking due to concerns about Islamist movements. Now the central bank has set up a central sharia board with the country's body of Islamic scholars to oversee the new industry. Lhassane Benhalima, the central bank's head of banking supervision said it was absolutely wrong that some banks had been pushing to delay the process. The central bank received seven requests to open Islamic banks and three to open windows selling Islamic finance products. According to Benhalima the bank is planning an Islamic interbank market and is encouraging the government to issue regular sukuk to ensure liquidity.

Morocco's central bank will start issuing approvals for Islamic banks this year so that they can begin business in early 2017. The North African country had long rejected Islamic banking due to concerns about Islamist movements. Now the central bank has set up a central sharia board with the country's body of Islamic scholars to oversee the new industry. Lhassane Benhalima, the central bank's head of banking supervision said it was absolutely wrong that some banks had been pushing to delay the process. The central bank received seven requests to open Islamic banks and three to open windows selling Islamic finance products. According to Benhalima the bank is planning an Islamic interbank market and is encouraging the government to issue regular sukuk to ensure liquidity.