Rabat, Morocco (TMT)- As the Eid al Adha celebration holiday and the new school year 2016/2017 are lurking around the corner, various Moroccan banks are advertising these days “Zero Interests Loans” offers, if all installments are paid in due date.
Moroccan economy paper Leconomiste however said in its yesterday’s edition that those loans are not quite appealing as they sound, especially that the beneficiary should pay an additional application fee that will be deducted immediately upon the release of the loan, including an additional insurance cost that will be deducted every month.
According to the aforementioned source, it may take around one week to process an application.
Mainstream Moroccans make fun of people who resort to such loans to buy the Eid sheep. A famous Moroccan saying goes, “In the Eid, that who is needy and buys a sheep is himself a sheep” , especially that in Islam sacrificing a sheep is not an obligation for needy people.
The Moroccan Times.