Morocco’s BMCE Bank is reportedly planning to launch Islamic subsidiary by teaming up with a major Islamic financial institution from the Middle East, reported Reuters.
Moroccan parliament is currently discussing a bill regulating Islamic banks and sukuk issues, which is intended to receive approval by the end of this year.
Go deeper with GlobalData
The publication said that banks from Kuwait, Qatar, Bahrain and the UAE are keen to enter Morocco when its Islamic finance bill comes into force.
Also, Moroccan authorities are planning to support the foreign banks towards partnering with local banks instead of setting up fully owned Islamic subsidiaries.
BMCE managing director Brahim Benjelloun-Touimi said in an interview at the Reuters Middle East Investment Summit: "Our subsidiary will take our partner’s name. He declined to reveal the partner’s identity, saying that could only happen after the bill was passed and the central bank approved the deal."
Few major Moroccan banks, including Banque Centrale Populaire and Attijariwafa Bank are also planning to launch Islamic branches by joining forces with foreign Islamic banks.
