Morocco’s central bank has started talks with a body of Islamic scholars on establishing a central Sharia board to oversee the country’s fledgling Islamic finance industry, a central bank official said.
The board, composed of scholars and financial experts, would rule on whether instruments and activities complied with Sharia principles. Its creation would be a step towards establishing full-fledged Islamic banks in Morocco. The government plans to submit to parliament a bill regulating Islamic banks, which will be called participative banks under the legislation. Parliament’s vote is expected by the last week of April, sources said………………………………………..Full Article: Source