Bank Al Maghrib, Morocco’s central bank, has given the approval to five companies to set up shariah-compliant banks in the country.
The approved intitutions include Moroccan lenders Attijariwafa Bank, BMCE of Africa and Banque Centrale Populaire, along with two French lenders Credit Agricole du Maroc and Credit Immobilier et Hotelier.
Of the approved banks, four, excluding Attijariwafa, will form partnerships with financial providers in the Gulf. Attijariwafa is currently in talks for a future partnership.
In addition, the central bank also approved Banque Marocaine du Commerce et de l’Industrie, Credit du Maroc and Societe Generale to sell Islamic banking products.
“The launching of participative finance products in Morocco complements and expands the range of products offered by the domestic banking sector and opens it on new financing capacities,” the central bank said.