In the wake of the International Monetary Fund (IMF) publishing the results of its bilateral consultations with Morocco, including the first review of the Precautionary line, Mr. Jean-François Dauphin, the mission chief for Morocco at the IMF answered a question revolving around Morocco’s framework for Islamic finance and the country’s ambitions in the said sector saying the following:
“So far, the sector is not very developed because a full-fledged regulatory framework for it is being established now through the new banking law. You may also have seen recently that there’s a board for Sharia-compliant financial products that is in the process of being set up,” Dauphin said.
“I think right now the authorities are putting the conditions in place for the development of the sector that we will see, in terms of potential, I think this has to be tested a bit to see how big it can develop,” mission chief for Morocco at the IMF added.
The Moroccan Times.
