The Council, which was asked to weigh in on the draft by Mohamed Cheikh Biadillah, President of the Chamber of Councillors, proposed two changes. The first related related to a lack of consumer information necessary to avoid unfair marketing by Islamic banks while the second dealt with the need to clarify the roles of the
However, civil society activist and fellow CESE member
CESE chief and former Economy Minister
This type of bank will also make it possible to increase the percentage of people who use banking services in
"The goal is to increase this rate to two-thirds of the population," Baraka said.
CESE underlined in its opinion that more communication about participatory products was absolutely essential in order to explain the concept properly and to avoid distinctions being made between 'halal' and 'haram' products, sociologist Karim Chabli said.
"We need to be careful that we don't fall into this trap and create pointless debates that can only harm society when the reason for licensing Islamic banks is to respond to the needs of a category of the Moroccan population," he said.
The draft law to create participatory Islamic banks was first adopted by Cabinet on 16 January 2014m with Minister-Delegate for the Budget Driss Azami arguing that a legislative framework for the sector was "necessary given the belief that participatory financial products and services can make an important contribution to the mobilisation of savings and financial inclusion in
Participatory banks must appoint an audit committee to identify and prevent risks of noncompliance with the opinions of the council in their operations, activities and products offered to the public.
Most Popular Stories
- Study: Recessions Can Postpone Motherhood Forever
- Hispanic Entrepreneurs Short-changed in Texas
- Tim Cook Has Proved That Apple is His Baby
- China Approves iPhone 6 After Security Assurances
- Who Is Daniel Ivascyn?
- U.S. Home Prices Rose at Slowest Pace in 20 Months
- Hispanics Carry Big Clout: Census
- Netflix Eyes Hollywood With Feature Film
- Washington's 'The Equalizer' Debuts With $35 Million
- Meet the YouTube Tech Review Sensation