The Moroccan Parliament has recently approved the Islamic financial bill which will regulate Islamic banks and sukuk in the country. The Islamic finance law authorizes the establishment of Islamic banks, and allows private companies to issue Islamic bonds.

The new bill will prepare the way to build completely advanced Islamic banks in Morocco.

“The bill has been voted by 161 votes and no one was against it,” Head of Parliament’s economics and finance committee Said Khayroune declared, adding “The bill will be effective once it is published in Morocco’s official bulletin in coming days.”

CEO of Banque Marocaine du Commerce Exterieur (BMCE) Brahim Benjelloun Touimi noted, last month, that the Bank has been preparing for the launch of alternative subsidiary as a joint venture with a major Islamic financial institution from the Middle East.