Islamic Fund Management
137
Chart 4.20: Factors Influencing the Development of Morocco’s Islamic Fund Management
Industry
Sources: RAM, ISRA
There are several recommendations to improve the demand and supply sides of Islamic fund
management in light of the issues and challenges faced by the industry. These are discussed in
an
Table 4.18: Recommendations on Improving Demand (Buy Side)
Issues and
Challenges
Demand (Buy Side) Opportunities
1. Market
education and
awareness
 Building market awareness is important to increase customer buy-in
and for the successful implementation of participation finance.
Awareness is required at the level of customers, investors, lawyers,
employees, market players and other stakeholders such as the general
population.
 In this context, regulators, universities, training institutions and the
marketing campaigns of banks and financial institutions can play an
important role.
 Market education and awareness require continuous efforts and
investment, to create a shift in mindset from conventional to Islamic
finance.
 There is a need for more financial literacy at all levels in Morocco.
According to the EMNES Financial Development and Inclusion Study
(2018), knowledge of financial concepts is very low in the country, e.g.
only 40% understand how inflation affects their savings. To promote
Islamic finance, awareness of Islamic finance terms, principles and how
the system works also need to be developed.
2. Fintech  Efficient utilisation of fintech can be leveraged to increase market
traction, e.g. by reducing costs, expanding online services, and extending
customer outreach. The marketing of Shariah funds can also be
improved through fintech.