27.03.2013 - Morocco: Opening the door to Islamic finance
Although GDP growth slowed in 2012 on the back of reduced demand from Europe and lower-than-average agricultural output, Moroccan banks continued their solid growth trend, paving the way for further expansion in 2013. The introduction of the country's first Islamic bank, slated for this year, should also provide opportunities for foreign banks. Combined banking profit grew from Dh9.72bn (871.19m) in 2010 to Dh10.1bn (905.26m) at the end of 2011, a record high. According to the most recent figures from Bank Al Maghrib, the central bank, total profits had reached Dh6bn (537.78m) as of June 2012. This represents a 3.8% increase from Dh5.7bn (510.89m) over the same period in 2011, indicating the sector would see a strong finish to the year...............................................Full Article: Source
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