Morocco has positioned itself as a regional financial hub thanks to its strategic location between Africa and Europe, and plays a growing role in the development of Islamic finance, said Ghiath Shabsigh, Secretary-General of the Islamic Financial Services Board (IFSB).
Speaking to MAP on the sidelines of the 23rd Islamic Financial Stability Forum, recently held in Rabat, Shabsigh praised the progress Morocco has made in regulatory frameworks and in translating Sharia principles into practical financial mechanisms.
“We are impressed by the regulatory strides and the structured dialogue on Sharia compliance,” he said. “These efforts are part of a broader strategy led by Bank Al-Maghrib to foster a robust and sustainable financial system.”
Islamic finance remains relatively new in Morocco but is expanding rapidly, he noted, supported by a legal framework covering banking, insurance, and capital markets.
“This regulation marks a major milestone in ensuring the safe and structured development of Islamic finance in the Kingdom,” Shabsigh added.
He highlighted the country’s potential to expand its presence in the global Islamic finance industry, pointing to initiatives such as the introduction of sovereign Sukuk as particularly significant.
“To build investor confidence and improve financing conditions, Morocco should focus on establishing a strong domestic Sukuk market in dirhams,” he said. “This would pave the way for future issuances in foreign currencies.”
Founded in 2003 and headquartered in Kuala Lumpur, the IFSB promotes the soundness and stability of the global Islamic financial services industry.
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