Moroccan lawmakers just approved a banking bill that provides for the creation of Islamic banks.
According to Minister-Delegate for the Budget Driss Azami, "participatory financial products and services can make an important contribution to the mobilisation of savings and financial inclusion in
The move by the Chamber of Representatives on
The PJD had long underlined its commitment to the plan, in order to cater to the needs of a certain segment of the population and attract foreign investors. The cabinet in January took the first step by adopting the draft law.
The law covers the basic principles of Sharia finance, defines concepts, details the wording and scope of contracts and transactions, and outlines consumer protection measures and the supervision of participating banks by
A range of financial products and services will be offered not only to Moroccans within the kingdom but also to those living in countries where participatory finance products are available.
The MPs who spearheaded the bill said that it addressed a grievance stretching back many years. According to the leader of the PJD group in the Chamber of Representatives,
Some other lawmakers, however, warned against the idea of "halal" and "haram" banks.
"There's no danger of ill-feeling being stirred up within society by the concept of halal or haram because Moroccans are aware of the services offered by each type of bank," sociologist
Said Khairoune, the president of the
The introduction of Islamic banks in
Foreign investors are already interested in
"Islamic finance has great potential in
"My husband didn't want to take out a normal bank loan to buy an apartment," she told Magharebia. "We've been saving up for years, but it's not enough to achieve this goal. Only Islamic banks offer a solution for us," she said.
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