Rabat: Morocco is poised to have its first full-fledged Islamic bank as early as September as the only North African country rated investment grade seeks to tap the $1.8-trillion industry, Albawaba business news agency reported.
Dar Assafaa, an affiliate of the country's largest lender AttijariWafa Bank, will probably become the nation's first wholly Shariah-compliant financial institution when the central bank approves its switch, according to the Moroccan Association of Participative Financiers.
The country introduced a law in January to regulate Islamic financial products and allow local and foreign banks to set up units that comply with the religion's ban on interest.
"By September or October the first Shariah-compliant bank will start," said, Said Amaghdir, the chairman of the association. "Morocco's financing, adding needs are huge, especially in project finance, and the stability we enjoy here will act in favor of Morocco."
The Moroccan Association of Participative Financiers estimates total investment in Shariah-compliant products in the country will reach $7 billion by 2018.
According to the American financial service company Standard & Poor's, there is about $1.8 billion in assets are held by Islamic financial institutions worldwide.
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