Chronology of Recent and

Upcoming Milestones

1987
The establishment of the Moroccan
Association for Studies and Research in
Islamic Economics (ASMECI)
1991
Wafa Bank requested to open
Islamic window
1985
Applications to establish Islamic banks
submitted to Bank Al-Maghrib by two
International groups
1990
Islamic Development Bank (IDB) and
the central bank of Morocco, Bank
Al-Maghrib, hosted a conference on
Islamic finance in Casablanca

1996
An Islamic Fund created by Wafa Bank

2007
Conventional banks were allowed to offer a
limited set of Islamic financial products
through Islamic windows

2011
Banque Marocaine Du Commerce Extérieur
(BMCE) and Banque Populaire offered
Murabaha products in the French market
2010
13 May “Dar Assafa”, a subsidiary of
Attijariwafa Bank, received approval from
Bank Al-Maghrib to offer Islamic products
based on Murabaha contracts

Arab revolution hit Morocco. Thousands of

people protested and called for political
reforms

25 Nov. Moderate Islamist Justice and

Development Party (PJD) won the
parliamentary elections
QIIB discussed its plan to establish an
Islamic Bank and an Islamic insurance
company with Morocco’s prime minister
2013
Parliament approved legislation allowing the
government and companies to issue Sukuk
2012
The issuance of a draft law to amend
the banking system by allowing the
establishment of Islamic banks and
Islamic windows
3 Jan. PJD leader, Abdelilah Benkirane,
appointed as Morocco’s new prime
minister

Morocco central bank plans Central Sharia

Board

Faisal Islamic Bank discussed with the

Moroccan government their plan to open the
first fully fledged Islamic Bank in the country

IDB announced its support for the first

sovereign sukuk issue of Morocco
QNB Group signed a Memorandum of
Understanding (MOU) with Attijariwafa Bank
2014
Islamic banking law is expected to be ready
in the first half of 2014
Takaful law is expected to be ready in the
first half of 2014

128
ISLAMIC FINANCE DEVELOPMENT AND RECENT ACTIVITY