Islamic finance: Introduction imminent in Morocco
The Moroccan government is the process of finalizing a draft law on the integration of Islamic finance in the Moroccan banking system.Mohamed Najib Boulif ,Deputy Minister of Corporate Affairs and Governance, said in an interview granted to the Arabic daily 'Attajdid'.
Source : https://www.marocafrik.com/english/Islamic-finance...
The Minister also mentioned the current activation of the 'special fund Zakat' not hitherto existing only on paper and that the government intends to make a remedial instrument for funding social nature.
Financial bids was timidly marketed since July 2007 under the name of alternative products, as Bank Al Maghrib was formally banned by reference to religious connotation, this requirement was very restrictive because the halal label is the main argument for selling these products .
It was indeed harmful to restrict advertising of financial products to the extent that they could contribute significantly to the financing of economic growth in Morocco.
Bids on routines by number of Moroccan banks did not have the success expected, for lack of communication and especially because of the exorbitant costs relating to its services and found above the purchasing power of Moroccan.
The main products of Islamic finance are divided into three broad categories:
• The Musharaka which is an adaptation of Islamic capital investment where the bank agrees to finance a project, and to share profits and losses from it according to a predetermined ratio.
• The Ijara where the bank buys an asset and leases it to the client with a promise to sell futures.
• The Murabaha, which is a short term loan without interest paid by a predetermined margin.
A large segment of the population need access to credit and new savings products without having to worry about the dilemma of religious conscience posed by the products of conventional finance.
Financial bids was timidly marketed since July 2007 under the name of alternative products, as Bank Al Maghrib was formally banned by reference to religious connotation, this requirement was very restrictive because the halal label is the main argument for selling these products .
It was indeed harmful to restrict advertising of financial products to the extent that they could contribute significantly to the financing of economic growth in Morocco.
Bids on routines by number of Moroccan banks did not have the success expected, for lack of communication and especially because of the exorbitant costs relating to its services and found above the purchasing power of Moroccan.
The main products of Islamic finance are divided into three broad categories:
• The Musharaka which is an adaptation of Islamic capital investment where the bank agrees to finance a project, and to share profits and losses from it according to a predetermined ratio.
• The Ijara where the bank buys an asset and leases it to the client with a promise to sell futures.
• The Murabaha, which is a short term loan without interest paid by a predetermined margin.
A large segment of the population need access to credit and new savings products without having to worry about the dilemma of religious conscience posed by the products of conventional finance.
Source : https://www.marocafrik.com/english/Islamic-finance...