CBB support for Morocco banking plan

28/01/2015 05:51 AST

A nine-member delegation comprising leading Sharia scholars from Morocco met Central Bank of Bahrain Governor Rasheed Al Maraj to learn from Bahrain's experience in Islamic finance.

Morocco has been gearing up to offer Islamic financial services in the wake of strong domestic demand.

Mr Al Maraj has assured the delegates of CBB's full support in their Islamic finance journey.

'Bahrain is one of the pioneering countries in Islamic finance in the world and we have always been keen to share our experience with others,' Mr Al Maraj said.

'It is our pleasure to be of assistance to Bank Al Maghrib, the central bank of Morocco in its efforts to launch Islamic banking,' he added.

During their three-day visit, the delegation met CBB officials, leading Sharia scholars in Bahrain and global Islamic finance bodies such as the Accounting and Auditing Organisation for Islamic Financial Institutions, International Islamic Financial Market and General Council for Islamic Banks and Financial Institutions.

'The delegation was given presentations on the CBB regulatory and supervisory framework as relevant for Islamic finance,' Mr Al Maraj said.

'They were apprised of the measures being taken by the CBB to further strengthen the Sharia governance of Islamic banks.

'Also, their meeting with our globally recognised scholars provided them with an understanding of the practical issues in ensuring Sharia compliance of Islamic financial institutions,' Mr Al Maraj added.

Gulf Daily News