Rabat - The issuance of sovereign sukuks, originally scheduled for late June 2017, was pushed to September 15, the Governor of Bank Al Maghrib, Abdellatif Jouahri, announced Tuesday.
Rabat – The issuance of sovereign sukuks, originally scheduled for late June 2017, was pushed to September 15, the Governor of Bank Al Maghrib, Abdellatif Jouahri, announced Tuesday.
At a press conference in Rabat, Jouahri stressed that participatory finance is a “terribly long” process that requires a lot of effort from the three regulators (ACAPS, CSO and BAM) to ensure a proper start-up, adding that “the regulators are working hard even on weekends to finalize this project.”
The Governor of the BAM said that “in order to be able to offer services to customers, participatory banks must await the publication of the account opening agreement, which will be finalized shortly.”
For the participatory money market, the Governor of the Central Bank said that “the Sukuks are making good progress, and this will probably be done by September 15,” promised Jouahri.
Moreover, for each convention or product destined for the participatory finance market, a commission was set up within the GPBM (Groupement Professionnel Des Banques Du Maroc) to prepare the convention in coordination with the Central Bank. “Once the convention is ready, we send it to the Sharia committee, which must validate the religious aspects before it adopts the convention and generalizes it,” he explained.
After the launch last May of Umnia Bank, a partnership between CDG, CIH Bank and Qatar International Islamic Bank, Attijariwafa Bank recently presented its new participatory bank, Bank Assafa, to the press.
Five participatory banks were approved by Bank Al Maghrib earlier this year. BMCE Bank of Africa has joined forces with Al Baraka Banking Group of Bahrain, the Central People’s Bank (BCP), the Saudi group Guidance Financial Group, and Crédit Agricole du Maroc to the Islamic Corporation for the Development of the Private Sector (ICD).