Islamic Fund Management
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Figure 4.13: Morocco's Economic and Financial Fundamentals
Sources: Moroccan Investment and Export Development Agency, IMF, Global Competitiveness Index 2017-2018,
Doing Business Index 2018, Global Financial Report 2017-2018
Developing a Shariah-Compliant Financial Ecosystem
The national objective of Morocco is to build a Shariah-compliant financial ecosystem, with an
initial move towards the development of the Islamic banking sector and instituting regulatory
changes to launch the takaful and sukuk markets. Jouti (2017) identified the initial priorities of
the authorities as follows:
 First sovereign sukuk issuance and definition of a programme of issuances.
 Takaful operators launching their activities.
 Establish the deposit guarantee fund for Islamic banks, which will be managed by the
Société Marocaine de Gestion des Fonds de Garantie des Dépôts Bancaires (the
Moroccan Bank Deposits Guarantee Funds Management Company or SGFG).
The Islamic equity and funds markets are expected to follow thereafter, as the industry gains
further traction. This segmented approach to developing the Islamic finance market is likely
because the financial system is not regulated by a single authority (Jouti, 2017). Each sector is
under the supervision of a defined entity, which requires more coordination in the
implementation of this vision of developing an Islamic finance ecosystem. While operations in