Islamic Finance

March 22, 2023

OCP, Islamic Trade Finance Join Forces To Boost Development in Africa

Rabat - OCP Africa, a subsidiary of the Moroccan OCP Group, and the International Islamic Trade Finance Corporation (ITFC) are keen to join forces to strengthen the development of the African continent.

OCP Africa"...

March 16, 2023

Despite Growth, Islamic Finance in Morocco Still Faces Big Challenges

Rabat - While hailing the considerable growth witnessed of late in Morocco’s “nascent” Islamic finance industry, a new report by Fitch Ratings has concluded that the sector's “growth potential” could face some major challenges in the future.

Islamic"...

March 15, 2023

Hajj 2024: Morocco Announces Opening of Electronic Registration

Rabat - Morocco’s Ministry of Islamic Affairs has announced the opening of the electronic registration process for Hajj 2024 which is set to take place from 20 - 30 March 2023.

The Royal Commission in charge"...

December 28, 2022

Bank of Africa Acquires 43.65% Additional Shares in BTI Islamic Banking Group

Rabat - Bahraini investment firm Al Baraka Group (ABG) is leaving Morocco’s capital market. The firm is selling its stakes in the Moroccan Islamic banking group Bank Al-Tamweel Wa Al-Inma S.A (BTI).

According"...

December 26, 2022

Rabat Hosts ‘Islamic Coins and Manuscripts’ Exhibition

Rabat - Morocco’s capital Rabat is hosting the “Islamic Coins and Manuscripts” exhibition for four days, starting from Wednesday, on the sidelines of the Islamic Educational, Scientific and Cultural Organization’s (ISESCO) 43rd Executive Council session.

Inaugurated"...

June 3, 2022

Qatari, Moroccan Financial Institutions Launch Islamic Insurance Venture

Rabat - Two Qatari financial institutions and an international insurance company joined forces with Moroccan banking group CIH to create an Islamic financing insurance provider, known as Takaful insurance.

A press"...

May 19, 2022

CDG Group’s Insurance Secures Approval for Islamic Insurance Venture

Rabat - Societe Centrale de Reassurance (SCR) has acquired the necessary authorization from Morocco’s Insurance and Social Security Supervisory Authority (ACAPS) to launch “Retakaful” reinsurance services, an insurance institution part of the Islamic banking system....

April 19, 2022

ICESCO Reiterates Commitment to Preserve Islamic World’s Heritage

Rabat - The Islamic World Educational, Scientific and Cultural Organization (ICESCO) reaffirmed today its commitment to preserving, valuing, and promoting the Islamic world's heritage sites.

The announcement,"...

April 5, 2022

Islamic Funding for Housing Loans in Morocco Sees Highest Growth

Rabat - Islamic financing for housing loans in Morocco grew by 37% year-on-year at the end of February 2022, overtaking housing loan growth from conventional banks. Islamic banks issued MAD 16.4 billion in total Murbaha funding for housing loans in February 2022, according to a recent document from Bank al-Maghrib (BAM), Morocco’s central bank. This was also a slight increase of the MAD 16.1 billion in Murabaha funding issued for housing loans in the first month of 2022 Despite making up a small chunk of the overall MAD 233 billion......

March 7, 2022

Morocco’s Islamic Financing For Housing Loans Grows by 39.6%

Rabat - Islamic financing for housing in Morocco showed positive growth signs at the end of January 2022, settling at MAD 16.1 billion ($1.6 billion), a 39.6% increase from the MAD 11.6 billion ($1.1 billion) recorded in January 2021.

With"...