Feb 04 2012 |
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Morocco Close To Approving Creation Of Local Islamic Banks - Report
Saturday, Feb 04, 2012
BEIRUT (Zawya Dow Jones)--Morocco is close to approve the establishment of local Islamic banks and will develop a legal system for this kind of financial institutions, pan-Arab daily Asharq Al Awsat reports Saturday, citing Idriss Al Idrissi, the North African country's delegate minister for the public budget.
Conventional lenders are mistaken when they worry about possible competition from shariah-compliant banks, Idrissi said, according to the paper. Islamic banks have created vitality in the capital markets of the countries in which they exist, he added.
In other news, Idrissi said that his government will fulfill its pledge to raise the minimum wage level in the country, the daily reports.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
(END) Dow Jones Newswires
04-02-12 0959GMT
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