Reuters
By Aziz El Yaakoubi
Morocco’s Central Bank said on Thursday it would start approving Islamic banks this year with the aim of allowing business to begin in early 2017.
The central bank said it had received seven requests to open Islamic banks and three to open windows selling Islamic products. Two Gulf banks want to establish fully owned subsidiaries while four others are partnering with local banks, an official said.
Subsidiaries of French banks Societe Generale. Credit du Maroc and BMCI have asked for permission to sell Islamic products, the official added.
(Editing by Elaine Hardcastle)
