Second session of the Islamic Finance series, which on this occasion analyses the situation of participative banking in Morocco.

The conference is also available on our YouTube channel: https://youtu.be/LBT2VPJQC-o

Islamic or “participative banking”, as it is known in Morocco, has developed only very recently, in comparison with other places in MENA. It was only in 2017, when the Central Bank of Morocco (Bank Al-Maghrib) granted the first licenses for five banks to start operating with participative financial products in the country and the establishment of three Islamic windows (branches of conventional banks offering Sharia-compliant banking services). Since then, further regulations have been implemented and it is expected that the operation of Takaful services (Sharia-compliant insurance services) will be finally allowed soon, which will contribute to the consolidation of the industry.

These years have also witnessed an increase in bancarization rates, those percentage of population with a bank account or having access to the banking services, which implies an improvement of financial inclusion in the country, that surely responds, at least partly, to the introduction of Islamic banking in the country.

In the current context, “participative finance” represents an important opportunity for increasing this financial inclusion and contributing to the development of the Moroccan economy.

Organized by Casa Árabe and SCIEF in the framework of its Observatory of Islamic Finance in Spain, and in collaboration with the research group Cresppa-GTM (CNRS) and Durham Centre for Islamic Economics and Finance, the roundtable aims to bring onboard diverse industry experts and players, including bankers and legal practitioners, to share their views and opinions on the Islamic Banking and Finance industry development in Morocco.

It will count with the participation of Abderrahmane Lahlou, President of the Academy of Participative Finance (APAF); M. Wail Aaminou, Chair of Al-Maali Group, and Dalal Aassouli, Associated Professor and Coordinator of the MSc in Islamic Finance at HBKU. Being moderated by Gonzalo Rodríguez, SCIEF General Coordinator, it will count as well with a first reaction by Mehmet Asutay, director of the Durham Centre for Islamic Economics and Finance.

The roundtable it is part of the Roundtable Discussion Series, IF @NA: current developments and prospects in times of [digital] change, dedicated to analyze the state and evolution of Islamic Finance in the north of Africa.

Photo: Mhobl. The rich and the poor

Further information: https://en.casaarabe.es/event/if-na2-participative-banking-institutions-and-financial-inclusion-in-morocco