By Larbi Arbaoui
By Larbi Arbaoui
Morocco World News
Taroudant, June 27, 2012
According to Attajdid newspaper, the mouthpiece of the ruling party (PJD), the first Islamic bank to open a branch in Morocco will be Faisal Islamic Bank, owned by the Saudi prince Mohammed Al Faisal Al Saud.
The newspaper confirms that Prince Mohamed Al Faisal Al Saud, the Bank’s Chairman, is expected to come to Morocco in the first week of July to discuss with government officials and Abdul Latif Jaouahiri, the governor of Bank of Morocco, about ways of inaugurating the first Islamic bank in Morocco.
Abdul Latif Jaouahiri, the governor of the Bank of Morocco, announced earlier, that the new bank code will be presented before parliament next September, emphasizing that the code will include a full chapter on Islamic banks, defined terms of reference, the agency in charge of providing licenses, and mechanisms of financial control over these banks.
Abdul Latif Jaouahiri went on to say that a national committee of experts will be created in order to ensure the control of the legitimacy of these transactions, adding that the Bank now has a vision on the functioning of this Committee. He stressed that the Bank of Morocco has received two requests from foreign entities to invest in this area, and that these requests are being reviewed before starting any potential negotiations with the concerned stakeholders.
Faisal Islamic Bank, which has its headquarters in Egypt, managed millions of accounts for clients in 2011, bringing the total assets to nearly six billion U.S. dollars at the end of 2011.
The Islamic bank, like other banks, carry out all banking and financial transactions, including trade and investment and craft projects that contribute to the economic and social development in conformity with Islamic law and sophisticated modern techniques.
