RABAT (Reuters) – Foreign Islamic lenders will be allowed to take up to 49 percent in the capital of Morocco’s first fully-fledged Islamic bank in 2013, as the liquidity-short country aims to become a regional platform for the industry, a government minister said on Monday.
Najib Boulif, General Affairs and Governance Minister, told Reuters the government will submit to parliament a draft bill with a set of regulations for the introduction of Islamic finance products in the country within the next few weeks.
Immediately after parliament approves the law, Moroccan authorities will allow local banks and foreign Islamic lenders to set up the first Morocco-based Islamic lender, Boulif said.
“Local banks will be allowed to take at least 51 percent of its capital and as much as 49 percent will go to foreign Islamic lenders. There is a very strong demand from abroad for such a project,” said Boulif.
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