Morocco

AgriCap Invest established in Morocco

Vision3, conceived by Gulf Finance House, Abu Dhabi Investment House and Ithmaar Bank signed an MoU with Morocco's largest bank, Attijariwafa, signaling their intention to establish AgriCap Invest, a specialized food and agriculture focused investment institution in the Kingdom of Morocco. The new firm will offer intelligent financial solutions to agricultural initiatives in the Kingdom of Morocco and across North and Sub-Saharan Africa, the Mediterranean and the broader MENA region.

No stand alone Islamic banks in Morocco to be licensed

In spite of several applications Bank Al Maghrib, the central bank of Morocco, did not issue a stand alone Islamic banking license. The reasons: too much stress for the Moroccan market and the problem of taxation on certain Islamic products. However, since their permission on the market, the total value of Islamic finance products is around DH 200 mn.

Forum African de la Finance Islamique, Avril 1 et 2 2009

Isla Invest Consulting, the first french advisory services compagy is
going to organize the second edition of FAFI, the african islamic
finance forum in Casablanca, 1 and 2 April 2009 in Casablanca, Morocoo.

More details in french:

Crise financière & finance islamique, quelles perspectives pour l'Afrique ?

La Place de Paris a adopté, au cours des six derniers mois, des
mesures censées lui permettre de devenir le « hub » de la finance
islamique en Europe et d'être aussi compétitive que la place de Londres.

Trois mesures phares ont été adoptées en 2008 :
- Conditions de la cotation de sukuk sur Euronext - Paris
- Neutralité fiscale des opérations de murabaha
- Déductibilité fiscale de la rémunération versée au titre des sukuk

Elles complètent la recommandation de l'AMF de juillet 2007 concernant
les OPCVM Islamiques.

KFAED, KFH intend to invest USD 100 mln in Morocco

Kuwait News Agency citing that the Moroccan newspaper "Al-Jareeda Al-Oula" reported that three Gulf investment groups have revealed their intention to invest USD 250 mn this year in Morocco, including the Kuwait Fund for Arab Economic Development (KFAED and the Kuwait Finance House Group (KFH).
In the same context, the newspaper quoted an official from the "ENOCENOC" group of the United Arab Emirates as saying that the group decided to invest USD 150 million to set up an investment project in the northern city of Tangier.

The Executive Director of the ENOCENOC Group Saeed Khoury said the investment will be to build the first phase of the plant in Tangier which is scheduled to enter service in the first quarter of next year.

Gulf Finance House and others to develop resort in Morocco

Morocco has signed a letter of intent with Itmar developpement, Abou Dhabi Investment and Gulf Finance house to develop a USD 1.8 bn, 270 hectar large resort in Essaouria, Morocco at Davos.

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