Morocco: Central bank mulls nat'l Shariah board
Source: eWeekly Takaful | 20 Mar 2013
Morocco's central bank has started talks with a body of Islamic scholars on establishing a central Shariah board to oversee the country's fledgling Islamic finance industry, a central bank official said.
The board, composed of scholars and financial experts, would rule on whether instruments and activities complied with Shariah principles. Its creation would be a step towards establishing full-fledged Islamic banks in Morocco.
The government plans to submit to parliament a bill regulating Islamic banks, which will be called participative banks under the legislation. Parliament's vote is expected by the last week of April, sources said.