GLOBE NEWSWIRE – Morocco’s central bank propelled the nation into a new financial era in 2017 when it began allowing banks to offer sharia-compliant products and services.
The advent of sharia-compliant banking in Morocco has helped boost financial inclusion and turned the region into a hub of economic activity. But Morocco’s Islamic banking sector is unlike any other. In fact, in official legislation, the sector is referred to by the phrase ‘participatory’ banking.
“The Moroccan model is unique in many regards, and has been designed with both local and international markets in mind,” explained Mohamed Maarouf, General Manager of BTI Bank, in an exclusive interview with World Finance magazine.
Just over two years since the launch of Morocco’s participatory finance industry, the sector has quickly become the most advanced in the region. In fact, BTI Bank, which debuted as a participatory bank in 2017, was named by World Finance as the Best Participating Bank for Customer Service Quality in Morocco for 2019.
“At BTI Bank, we believe society needs a fair and equitable financial system, one that rewards effort and contributes to the development of the wider community,” Maarouf told World Finance.
While the participatory banking sector is still growing, it now offers sharia-compliant financing for real estate, automobile and equipment purchases, as well as sharia-compliant insurance, known as takaful.
Ahead of the launch of takaful in July, Maarouf said the moment would mark “a key milestone in the development of Morocco’s participatory finance sector” by increasing liquidity and strengthening the bourgeoning industry.
Looking ahead, BTI Bank plans to continue building on the constant momentum of the participatory banking sector by expanding its network, advancing new product innovations and delivering excellent customer service. “As the nation’s participatory finance industry continues to grow, we are firmly setting our sights on becoming a key player in this exciting new sector,” Maarouf said.
To read more about BTI Bank’s plans to help build a robust participatory banking sector in Morocco, check out the latest edition of World Finance, available in print and online now.
World News Media