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After nearly a year and a half of work, the participating banks in the Kingdom did not succeed in attracting a large segment of customers. The number of open accounts according to the latest statistics provided by the Central Bank of Morocco did not exceed 52,000, at a time when expectations were much higher.
This is due to the slow pace in which the licensing of all participatory products is licensed by different institutions. It has not been issued for all the time, except for Murabaha for real estate and cars, which has made the work of these Islamic banks limited in a narrow area, especially with the delay of the Takaful insurance license. Considered the most important participatory program.
Commenting on these figures, Omar El Kettani, an expert on participatory finance and a professor at the Swissi Law Faculty in Rabat, said: “Customers questioned and felt a bit of frustration at these banks, and they considered them like traditional because they dealt only with Murabaha. Provide the full system of these banks to play their full role in contributing to development. “
“These banks came into being and they are called participations, but they are actually offering a commercial product, which has created shock and confusion among groups of people, so I can estimate that they are risking the market,” he said.
But the financial expert considers that the current stage “is an opening and discovery of a large field, which is the Islamic economy.” He added: “It is not surprising that the early stages are sometimes slow because we are in the stage of changing man rather than financial cooperation. This is important.”
“The quantitative outcome of the institutions does not matter. What is more important is the new culture that makes people talk about products such as Takaful insurance, Sukuk and Musharaka financing. These are all new concepts that make the qualitative aspect important,” he said. Look at statistics “.
“This is the opening for us, because the Kingdom has the advantages of its glorious jurisprudential history, which was a model for the Middle East scholars, in addition to the pioneering position it has achieved,” said Kettani. “This new culture of participatory banks in Morocco opens the door to a large segment of society to discover the Islamic economy. In financial engineering through the formation of engineers specialized in Islamic finance in the Mohammadia School of Engineers through the modeling and use of mathematics, and this is not exist in the Middle east.”
For the success of the participatory financial system in Morocco, financial expert Omar Kettani emphasizes the importance of “cooperation between these financial institutions in order to create an internal market before the external market through networking, which is very important in financial engineering.”
The October 2018 statistics on participatory banks in Morocco indicate that the number of agencies reached 95 agencies across the cities of Morocco. Deposits amounted to MAD 1.321 billion, while funds provided under the Murabaha for the purchase of the property and the car were estimated at 3.6 billion dirhams.
