March 29, 2011 / 6:11 PM / 9 years ago

Morocco plans to authorise first Islamic bonds

RABAT, March 29 (Reuters) - Morocco’s central bank is in talks with the country’s banking industry group GPBM on regulations that would allow Islamic bond issues, known as sukuk, the central bank head said on Tuesday.

“As part of the gradual introduction of Islamic finance products, we are currently negotiating with GPBM the legal framework for sukuk issues,” Abdellatif Jouahri told Reuters.

The central bank started only in late 2007 to allow some banks to provide Islamic finance products, but does not issue licences for fully fledged Islamic institutions. Since then, Islamic finance products raised about 900 million dirhams ($112.4 million), he said. (Reporting by Souhail Karam, Editing by Adam Tanner and Diane Craft)

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