Morocco Experience in Islamic Finance between the Failure of the Past and the Promising Future
Opening of Islamic banks have been increasing considerably in recent years in many countries. Morocco is among these countries and will get the agreements to open in early 2016. This following work is done in the preparation phase of the launch and its importance lies in the fact that it comes after a first failure experienced in 2007 and that Morocco is among the last Muslim countries that will integrate this type of finance into their financial system. This article will focus on the first introduction by highlighting the various obstacles that were the reason for its failure, and will underline what the new banking law has done to overcome the problems encountered before. In the end, we will address two major issues, why the system failed in 2007 and why it is more likely to succeed in 2016.
Les produits financiers alternatifs au Maroc : Pratique et perspectives
L’introduction au Maroc, en 2007, des trois techniques de financement « Ijara, Mourabaha, Moucharaka » vient dans un contexte de convergence internationale vers la finance islamique. Neanmoins, l’integration des ces techniques dans les banques classiques se heurte a diverses contraintes et la commercialisation de ces produits est restee tres limitee. L’objet de notre article est de decrire les trois techniques de financement adoptees, d’analyser les contraintes de leur commercialisation et de presager les perspectives de leur developpement a travers la synthese des etudes realisees et la compilation des avis des gestionnaires bancaires et des conseillers et specialistes en finance islamique. Mots cles : Moucharaka, Mourabaha, Ijara, La crise financiere.
A Comparative Study of Islamic Banking Practices
This paper examines the practices of Islamic banks from eleven Muslim countries. The selected areas include the usage of Sharia principles and the uses and sources of funds. Disparity exists especially in areas such as number of Sharia principles employed and its usage in banking activities. There are also differences in the sources and uses of funds among the sample banks. In the case of the sources of funds, the differences are due to the types of accounts available and Sharia principles adopted by banks in delivering those services. For the usage of funds, all banks tend to concentrate in mark-up financing activities. Variations also appear in the area of sectoral financing. These differences are largely influenced by the economic development of the country in which the Islamic bank operates.