Morocco to start approving Islamic banks for business to begin in 2017

Morocco said it would start approving Islamic banks this year with aim of allowing business to begin in early 2017.

  
Morocco's Central Bank Governor Abdellatif Jouahri speaks to the media in Rabat September 24, 2013. REUTERS/Stringer

Morocco's Central Bank Governor Abdellatif Jouahri speaks to the media in Rabat September 24, 2013. REUTERS/Stringer

Reuters/Stringer
By Aziz El Yaakoubi

CASABLANCA, June 30 (REUTERS) - Morocco's Central Bank said on Thursday it would start approving Islamic banks this year with the aim of allowing business to begin in early 2017.

The central bank said it had received seven requests to open Islamic banks and three to open windows selling Islamic products. Two Gulf banks want to establish fully owned subsidiaries while four others are partnering with local banks, an official said.

Subsidiaries of French banks Societe Generale . Credit du Maroc and BMCI permission to sell Islamic products, the official added.



(Editing by Elaine Hardcastle)