Benkirane Calls on ‘Participatory Banks’ to Adhere to Principles of Islam

Morocco’s appointed Head of Government Abdelilah Benkirane is calling the “participatory banks to adhere to the principles of Islam.”

During the opening session of the International Salon of Ethical and Participatory Finance, held Thursday in Casablanca, Benkirane note that  “Morocco has paved a way to a distinguished experience in the field of participatory finance. This experience bodes well for the future of Morocco.”

Benkirane noted that these participatory banks will result in a “positive reflection towards Morocco’s economy, since it will receive a major attention of a group of Moroccans who refuse to deal with the regular banks because they are not compatible with their religious conventions.”

Benkirane called these banks w “ to serve the customers based on Islam’s transparent values and credibility,” expressing his joy that the banks emerged during his mandate as Head of Government.

“Without King Mohammed VI’s care, these banks would not have seen the light of day. Therefore, we have to thank King Mohammed VI for this achievement,” Benkirane added.

For his part, Chief Executive Officer of holding company Dallah Albaraka Group, Sheikh Saleh Abdullah Kamel, said that the Islamic economy owns components that enable it to contribute in the production of sustainable development across the world.”

The Central Bank and the Ministry of Economy and Finance authorized earlier this month the opening of five Islamic banks, referred to as “participatory banks.”

Minister of Economy and Finance Mohamed Boussaid said that Morocco must launch the first Islamic financial titles, called “sukuks,” before mid-2017.

Source :Morocco World News