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.
Published by Wael Mohamed Aaminou
While living in the US, the 2008 financial crisis’ impact on the economy and people pushed me to question the purpose of my job as a financial consultant. I ultimately shifted gears to focus my advisory efforts on fostering a more ethical finance that puts the real economy, social welfare, and environment preservation at the center. With assignments in Northwestern Africa, Middle Eastern and Southeast Asian regions, this journey led me to challenge and shape Impact finance and Islamic finance ecosystems in as varied sectors as energy, healthcare, education, and agriculture.
Working in more than 10 countries has taught me that sustainable development challenges are complex, and that a viable solution would start by prioritizing efforts on most pressing issues when resources are limited. This is particularly true for climate change which transversally impacts virtually all SDGs. Today, as a sustainability finance advisor, I mobilize people and resources toward the adaptive challenge of building together the sustainable world that our children and planet deserve.
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