Government to start approving Islamic banks for business to begin in 2017

17:17 - 01 July 2016

Moroccan employees work in the new Renault factory in Melloussa, 30 km (19 miles) from Tangiers February 9, 2012. REUTERS/Stringer

The central bank said it had received seven requests to open Islamic banks and three to open windows selling Islamic products.

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.