Morocco’s BCP and BMCE Banks to Open Islamic Subsidiaries

Taroudant- Morocco’s BMCE and BCP banks are preparing to launch Islamic subsidiaries, according to Reuters. This announcement comes two months after the Islamist-led Moroccan government adopted a bill regulating Islamic banks and sukuk. The draft law, which still needs the approval of the parliament, will pave the way establishing Islamic bank in the kingdom. A national committee composed of Islamic scholars and financial experts will be created in order to ensure the control of the legitimacy of these transactions, and whether instruments and activities of the institution complied with sharia principles.