The key takeaways from the discussion with Gonzalo Rodriguez, Hakim Bensaid, Ismail Filali and Scott Levy are as follows :
- In only three years of activity, Islamic finance has made important strides in Morocco. To illustrate, 50% of real estate financing in the country was performed by Islamic Banks in 2020;
- In the banking side, refinancing is probably the most acute challenge as deposits covers only half of Islamic banks financings which hinders the development of the activity;
- 2021 will be probably the year of Takaful start after the completion of the legal and regulatory framework;
- The growth of Islamic banking and Takaful will contribute the development of Islamic Capital markets especially in the Sukuk sphere
- Integrating sustainability into Islamic financial institutions’ business models can help mitigate the impact of the crisis, improve the value proposition of Islamic finance and build a more sustainable and resilient economy;
- Current Fintech initiatives focus primarily on payments and Crowdfunding. Morocco needs to complete and reinforce existing fintech legal and regulatory framework.