Rabat: Morocco is positioning itself as a rising regional financial hub, according to Shabsigh, the chief of the Islamic Finance Board. Speaking to MAP on the sidelines of the 23rd Islamic Financial Stability Forum recently held in Rabat, Shabsigh praised the progress Morocco has made in regulatory frameworks and in translating Sharia principles into practical financial mechanisms.

According to Agence Marocaine De Presse, Shabsigh expressed his admiration for the regulatory strides and the structured dialogue on Sharia compliance, noting these efforts are part of a broader strategy led by Bank Al-Maghrib to foster a robust and sustainable financial system. Although Islamic finance remains relatively new in Morocco, it is expanding rapidly, supported by a comprehensive legal framework covering banking, insurance, and capital markets.

Shabsigh emphasized that this regulation marks a significant milestone in ensuring the safe and structured development of Islamic finance in the Kingdom. He also highlighted Morocco’s potential to expand its presence in the global Islamic finance industry, with initiatives such as the introduction of sovereign Sukuk being particularly noteworthy.

To further enhance investor confidence and improve financing conditions, Shabsigh suggested that Morocco should focus on establishing a strong domestic Sukuk market in dirhams. He believes that this would pave the way for future issuances in foreign currencies.

Founded in 2003 and headquartered in Kuala Lumpur, the IFSB promotes the soundness and stability of the global Islamic financial services industry.