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Morocco's Crédit Agricole OK'd to form Islamic bank

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Morocco's Crédit Agricole OK'd to form Islamic bank

Morocco's Finance Ministry approved toform an Islamic bankwith the Islamic Corporation for the Development of the Private Sector, an unit,Reuters reported Sept. 21.

The Moroccan central bank, , is in the finalstages of setting up an Islamic finance industry. The aim is for new Islamicbanks to startoperating in early 2017.

The central bank announced earlier in 2016 that it got sevenrequests for new Islamic banks and three to open windows selling Islamicfinance products, Reuters added. Meanwhile, two Gulfbanks wish to have fully owned subsidiaries while four others are seeking topartner with local banks.

Morocco's Crédit Agricole, which is not linked to France'sCrédit Agricole SA,and the Islamic Corporation for the Development of the Private Sector willinitially inject 200 million Moroccan dirhams into the new bank and double itto 400 million dirhams later, the report noted.The Moroccan bank will have a 51% stake in the new bank.

As of Sept. 21,US$1 was equivalent to 9.76 Moroccan dirhams.