Islamic banking lands in Morocco

Islamic banking lands in Morocco

The lawyer Gonzalo Rodríguez Marín, Main Coordinator at Saudi-Spanish Center for Islamic Economics and Finance (SCIEF) in the IE Business School, and the banking consultant and researcher Fatima Z. Bensar published a piece in the “Markets” section of the Spanish economic journal “Cinco Días” on the openness of Morocco’s finance sector to the Islamic banking.

They highlight that Rabat has recently approved the creation of five Islamic banks in the country, established by alliances between French and Gulf countries’ banks such as Qatar; and that the Morocco’s purpose is to became a hub for Islamic finances in Northern Africa.

In the other hand, Rodríguez Marín and Bensar point out the opportunity that this openness represents for Spain, “mainly with regard to a likely channelling of investments”.

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