IslamicFinance.de

New market research conducted by Timetric expects the rise of contactless payment services (CPS) and Sharia-compliant credit cards in Morocco over the next few years. According to the United Kingdom-based research, Centre Monetique Interbancaire, Morocco’s own internal network switch, launched CPS in the kingdom just over a year ago alongside MasterCard. So far the CPS point of service terminals have only been deployed in Casablanca, but they are expected to reach Rabat and Marrakesh in the coming months. By the end of 2016, Moroccans will be able to take advantage of 6,000 terminals, and by 2017 that number will more than double to 17,000. By the end of the year, the government plans to authorize a total of 10 banks which provide Sharia-compliant credit card services.