Posted by: islamicfinancingnews | November 30, 2012

Morocco hosts first international conference on Islamic finance

Recognizing the significant growth of Islamic finance in the global financial market, the first International Conference on Islamic finance is taking place at month’s end in Casablanca, the economic and business center of Morocco.

Countries including Tunisia, the UAE, Malaysia, Bahrain, France and Luxembourg which are already engaged in Islamic finance or are interested in its potential, will be represented by bankers and financial experts, insurers, and leaders of various financial institutions. One of the themes of the conference will be discussing exit alternatives to the recent global financial crisis.

With a majority of the Moroccan population Muslim, the government there led by the Islamist Justice and Development Party, is eagerly working to establish a framework to introduce Islamic finance to meet the demands of its people.

In response to rising global demand for sukuk or Islamic bonds and their anticipated growth rate, and in keeping with the governments of Tunisia and Egypt which are also ruled by Islamic parties, the government in Morocco wants to draft a law allowing for the sale of these Islamic securities. Meanwhile, Muslims worldwide want financing that complies with Muslim research ethics and is compatible with their faith.

Remember, you need to consider some of the more traditionally North American criteria when you’re looking for proper Islamic loans free from usury.

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