Morocco’s central bank has approved the use of five types of Islamic banking transaction, giving a final regulatory nod for the country to launch an Islamic finance industry.
Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central Shariah board, a body of Islamic scholars, to oversee the sector.
http://www.arabnews.com/node/1063786/business-economy
Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central Shariah board, a body of Islamic scholars, to oversee the sector.
The central bank said it was allowing five common types of transaction: Murabaha, Musharaka, Ijara, Mudaraba and Salam. It also set regulations for conventional banks to open windows selling Islamic products.
No comments:
Post a Comment