Moroccan Islamic banks bill set for final cabinet review

Moroccan Minister-Delegate Driss el-Azami el-Idrissi says there is a demand for Islamic banks Rabat – Judy Sabbagh The Minister-Delegate in charge of the budget in Morocco, Driss el-Azami el-Idrissi has announced that the bill which would allow Islamic banks to be established in Morocco has been drafted and will be reviewed by the cabinet over the next few weeks before being sent to Parliament.
El-Idrissi said these banks would form "a new financial industry" that will benefit Moroccan banks by setting up partnerships with foreign banks and investors and bolstering the Moroccan economy, "amidst the financial turmoil that is sweeping through the world."
Answering MPs questions at a session on the bill, the government official said the bill went through three stages: it was publicised, then observations were recorded and, finally, some of these observations were investigated in-depth with the cabinet's general secretariat.
El-Idrissi said introducing Islamic banks into Morocco at this juncture is important because, "the national financial system has matured and the financial centre in Casablanca is in desperate need for these funds." In addition, he referred to the "increased demand" for such financial products, adding, "we must not forget that it would give Morocco a chance to benefit from the savings of Arab countries where this type of finance is popular."