Islamic Fund Management
71
Country Stage of
Development
Rationale
USD6,160.7 in 2017. The country’s classification as
‘developing (intermediate)’ depicts its budding potential,
but requires concerted efforts by key stakeholders to
identify a sustainable value proposition.
Morocco Infancy The Islamic finance industry in Morocco is still in its nascent
stage. Islamic banking only commenced in 2017, following
several financial reforms. To date, Morocco has yet to create
a Shariah screening methodology since its Islamic fund
management industry is officially non-existent, although
two ethical funds have Shariah-compliant structures.
Furthermore, the development of its capital markets still has
much room to grow, with the banking sector dominating the
financial market. Given this, Morocco falls under the
‘infancy’ category. As at end-2017, its GDP per capita was
USD3,007.2.
Sources: RAM, ISRA
Based on the development-stage matrix, further illustrates the position of each
country in the four quadrants, which provided an overview of their level of progress relative to
market growth and competitive position.
Chart 4.1: Positioning of Each Country in the Four Quadrants
Sources: RAM, ISRA