IslamicFinance.de

Five Islamic banks are set to open in Morocco after Bank Al-Maghrib, the country’s Central Bank, approved five applications. A further three banks have been given permission to sell Islamic products. A Shari’ah committee which will govern all Islamic finance activities will also be established. The five banks are: CIH Bank in partnership with Qatar International Islamic Bank; BMCE Bank of Africa jointly with the Saudi/Bahraini group Dalla Al Baraka; Banque Centrale Populaire with the Saudi group Guidance; and Crédit Agricole du Maroc in partnership with the Islamic Corporation for the Development of the Private Sector (ICD). Attijariwafa Bank is currently in talks about a future partnership. Banque Marocaine du Commerce et de l’Industrie, Crédit du Maroc and Société Générale have all been given the green light to sell Islamic products.