Islamic finance finds a new market in Morocco

Morocco’s Central Bank is for the first time welcoming Islamic banks into the country, as Reuters reports. This is a marked change in policy; the country previously rejected Islamic banking “due to concerns about the influence of Islamist movements” in the majority-Muslim country, Reuters’ Samia Errazzouki writes. Finance under Islamic law comes with specific rules, including certain prohibitions on fees, interest, and investment in goods and services disallowed under sharia law. The opening of Morocco to Islamic finance is seen as a way to tap new international investment, Errazzouki reports. The country also is liberalising its currency management to allow for more fluctuation.

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