Morocco’s mixed welcome for sharia financing

Launched with great pomp in Morocco in October 2007, Islamic banking and financial products have come to satisfy the increasing demand of some Muslim customers after Bank al-Maghrib, the country’s central bank, permitted the use of ijara and murabaha. Meanwhile, in the business sector musharaka was permitted to finance clients, while not posing a threat to their Islamic believes. The products currently offered in Morocco are similar to those offered as Islamic financial alternatives applied elsewhere in Africa, including Tunisia, Egypt, Senegal, and Sudan. At the opening of the Moroccan banking system to these new products, Abdellatif Jouahri, governor of Bank Al-Maghrib, noted that “with the Professional Group of Moroccan Banks (GPBM), we have developed a variety of banking products that meet the characteristics and rules of sharia law,” in accordance with Moroccan regulations. Commenting on this initiative, the Moroccan Association for the Protection and Guidance of the Consumer believes