Bank Al-Maghrib has granted 4 banking licenses to Islamic banks in Morocco. Two independent banks and two other subsidiaries of the traditional banking sector will be able to operate from now on and offer their services to the public.
As controversial as it sounds, the infamous article 8-bis from the 2017 Moroccan Finance Law has been approved by the House of Representatives earlier this month. The decision created a wave of anger among lawmakers in the country, explaining that it is contradicting the rules of the Constitution.
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