Morocco plans to issue Islamic bonds worth 106 million
Morocco plans to issue $106 million worth of sovereign Islamic Sukuks (bonds) in October, which is a first.
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Governor of Bank Al-Maghrib (Morocco’s Central Bank), Abdellatif Jouahri, stated on Tuesday during a press conference in Rabat that ” the kingdom of Morocco will issue sovereign Islamic bonds for the first time at a value of one billion Moroccan Dirhams ($ 106 million) on 5 October.
Jouahrideclared earlier, on 19 June, that “in less than a year, more than 71 participatory banks (Islamic banks) have been created. These agencies have been multiplying since, which is an important move.”
He added during a press conference in Rabat: “The value of Islamic bank loans granted a year ago amounted to 1.1 billion Moroccan Dirhams ($ 116.27 million).”
In November 2014, the Moroccan Parliament ratified the draft law on participatory banks (Islamic banks).
The law on Islamic banks came into force in the country after its publication in Morocco’s official gazette in January 2015.
The law allows some banks operating in Morocco or abroad to provide Islamic banking services such as Murabaha, Mudarabah, and Ijarah, in addition to Musharaka and any transactions that comply with the instructions of the Higher Council of Ulemas, the highest religious institution in the country.