MOROCCO
ISLAMIC FINANCE AWARNESS
Story
Since 2017, the Islamic finance journey began in Morocco with 5 banks and 3 windows who received the approval to offer Islamic « participative » banking services. Today the Moroccan kingdom has a comprehensive Islamic finance ecosystem:
- The banking law 103-12 (with its 3rd chapter covering participative banking)
- Circulars issued by the Central Bank regulating the participative banking activity
- Standard banking contracts issued by the Central Bank
- The Dahir 1-15- 02 organizing the Central Sharia Board
- Insurance law 59-13 covering Takaful and Retakaful
- Sukuk law n°17-69
- Tax reforms included in the annual finance Act
- The accounting framework adapted to participative finance operations
- Participative financings insurance by the Central Guarantee Fund (CCG)
Moreover, the Moroccan government has issued its first Ijara Sukuk and the banking sector comprises more than 128 participative bank branches, the participative banking assets are totaling 11249 million Moroccan Dirhams, home and car financings reached 8286 million Moroccan Dirhams and more than 78497 bank accounts were opened in two years.
Yet, Moroccan customers are still asking different questions about participative finance products and mechanisms, and therefore our partner Bank Al Yousr approached our agency to create a series of videos to explain Islamic finance to Moroccan audiences.
Valuing Islamic Finance in Morocco. That’s a responsibility to steward No pressure! Right.
n collaboration with Bank Al Yousr marketing team, we’re creating animated videos with modern characters, to tackle Islamic Finance illiteracy and help shine Islamic Finance in Morocco.
Poor a drink and hit play !__A halal drink
