Morocco has established itself as a regional financial hub thanks to its strategic position between Africa and Europe, and it represents a key lever for the development of Islamic finance, said Ghiath Shabsigh, Secretary General of the Islamic Financial Services Board (IFSB). «We are impressed by the progress made, both in terms of regulatory frameworks and the facilitation of dialogue around Sharia-related issues, particularly how these principles are translated into practical operational mechanisms», Shabsigh told MAP in an interview on the sidelines of the 23rd Islamic Financial Stability Forum, recently held in Rabat. He emphasized that financial education is also a fundamental pillar for the growth of participatory finance, noting that these efforts are part of a strategic plan led by Bank Al-Maghrib to support the sector's expansion and build a robust, trustworthy, and sustainable financial system. While Islamic finance is relatively new in Morocco, Shabsigh observed that it is developing rapidly, as evidenced by key indicators—thanks in large part to the introduction of an adapted legal and regulatory framework. «This framework covers the banking, insurance, and capital markets sectors, marking a major step in supporting the growth of Islamic finance in the Kingdom», he explained, adding that such supervision ensures the safe, sound, and structured development of the sector. He also affirmed that, within this dynamic, Morocco has significant potential to strengthen its role in the Islamic finance industry, both regionally and internationally. «Morocco's initiatives to develop its capital markets are particularly noteworthy, especially the introduction of sovereign sukuk», he said. In this regard, he recommended building a strong foundation by establishing a dynamic and well-structured domestic sukuk market in dirhams. «Once this base is in place, issuing sukuk in foreign currencies becomes much more feasible, with better financing conditions and greater credibility among international investors», he concluded. Founded in 2003 and based in Kuala Lumpur, the IFSB is an international organization dedicated to promoting the soundness and stability of the Islamic financial services industry.
