Islamic Finance

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"...

February 24, 2022

CDG Insurance Arm SCR To Launch Islamic Insurance Venture

Rabat - Morocco’s reinsurance company Societe Centrale de Reassurance (SCR), a subsidiary of the state-owned investment group Caisse de Depot et de Gestion (CDG), has announced its plan to launch a new insurance venture in Morocco.

Conforming"...

February 14, 2022

Holmarkom Launches Morocco’s First Islamic Insurance Provider

Rabat - Moroccan insurance and finance group Holmarcom has launched Takafulia Assurance, the first Islamic insurance company in Morocco.

After acquiring a license from Morocco’s insurance watchdog, the Insurance"...

December 19, 2021

AD Ports Group and Aqaba Development CorporationSign Multiple Agreements for Development of Tourism, Transport, Logistics and Digital Infrastructure

AD Ports Group, a leading facilitator of trade and logistics, has strengthened its regional footprint by signing a number of four strategic agreements and a Head of Terms Agreement (HoT) with the Aqaba Development Corporation that"...

November 7, 2021

Rabat Designated Islamic World’s Cultural Capital for 2022-Morocco

The Islamic World Educational, Scientific, and Cultural Organization (ISESCO) has named Rabat as the Islamic world’s cultural capital for 2022 in recognition of the city’s effective implementation of an urban and cultural development program launched in 2015.

ISESCO’s"...

November 2, 2021

Islamic Financing on the Rise in Morocco

Rabat - Participative or Islamic banking is a growing sub-sector within the Moroccan banking system, according to recent data compiled by Bank Al-Maghrib, Morocco’s central bank.

Islamic"...

December 17, 2020

Morocco’s King Mohammed VI Ranks as World’s 6th Most Influential Muslim

Rabat – The 2021 “Muslim 500” ranking of the world’s most influential Muslims has ranked Morocco’s King Mohammed VI as the sixth most influential Muslim globally. Every year the Royal Islamic Strategic Studies Centre in Amman, Jordan publishes its list of the"...