Major Moroccan Banks, BMCE, BCP, Plan Islamic Offshoots – Sources [Reuters]
Morocco looks set to take advantage of a rising star in the world of finance, which could make a big impact in local investment:
Two of Morocco’s biggest banks, BMCE (BMCE.CS) and BCP (BCP.CS) are preparing to launch Islamic subsidiaries as the Moroccan parliament discusses a bill regulating Islamic banks and sukuk issues, banking sources said.
Parliament’s approval will be the last step before fully-fledged Islamic banks can be established in Morocco, whether they are subsidiaries of domestic banks or foreign owned, a measure which could attract more Gulf Arab investment.
Morocco’s central bank has also started talks with a body of Islamic scholars on establishing a central sharia board to oversee the country’s developing Islamic finance industry…[Full Story]