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the banking sphere have started, work on the takaful and Islamic capital market sectors are
still in progress, as shown i
Figure 4.14: Development of a Shariah-Compliant Financial Ecosystem in Morocco
Source: Jouti (2017)
Therefore, the current Islamic finance market in Morocco only constitutes participation banks.
In January 2017, the central bank announced that 8 participation banks, of which 5 were full-
fledged banks and 3 Islamic windows, had been granted licences to operate in Morocco. The
full-fledged banks comprised joint ventures between Moroccan banks and foreign Islamic
banking operators from the Gulf region, as detailed i The participation windows
were 3 affiliated French banks which had operations in Morocco.