Mohamed Boussaid : the participating banks will start operating is in a few weeks

After being approved by the Central Bank, participatory banks will start operating in the coming weeks, Mohamed Boussaid Minister of Economy and Finance said on Tuesday in Rabat.

The Minister’s statement was disclosed in a response to an oral question in the House of Representatives. In order to allow participatory banks to have the necessary liquidity for their activities, sukuks (bonds) will be issued, the Minister said adding that the importance of this project relies on «a successful launch».  

The effective launching of participatory banks in the Moroccan financial sector will allow diversification of sources of financing, stimulating the collection of financial savings, particularly that of households, and promoting investment.

It was mentioned that the legislative work to set up the participatory banks started years ago, following the adoption of the Law on Credit Institutions and Assimilated Organizations in 2014.