Banking Sector Growing In Sophistication

March 2007 | Economic Analysis

Morocco's venture into Islamic finance is a positive, in our view, given the rising demand for shari'a compliant products across the Middle East and North Africa region. In an accompanying statement Bank al-Maghrib noted that 'the introduction of the Ijara, Musharaka and Murabaha products should allow a widening of the banking services and contribute to a higher rate of banking in the economy'. With rampant liquidity in the Gulf as a result of the oil boom and languishing stock markets, Gulf investors are increasingly turning to countries such as Morocco that are on a robust growth path and have less

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