Latest news with #Shabsigh
Maroc
07-07-2025
- Business
- Maroc
Morocco Emerging as Regional Financial Hub
Morocco has positioned itself as a regional financial hub thanks to its strategic location between Africa and Europe, and plays a growing role in the development of Islamic finance, said Ghiath Shabsigh, Secretary-General of the Islamic Financial Services Board (IFSB). Speaking to MAP on the sidelines of the 23rd Islamic Financial Stability Forum, recently held in Rabat, Shabsigh praised the progress Morocco has made in regulatory frameworks and in translating Sharia principles into practical financial mechanisms. 'We are impressed by the regulatory strides and the structured dialogue on Sharia compliance,' he said. 'These efforts are part of a broader strategy led by Bank Al-Maghrib to foster a robust and sustainable financial system.' Islamic finance remains relatively new in Morocco but is expanding rapidly, he noted, supported by a legal framework covering banking, insurance, and capital markets. 'This regulation marks a major milestone in ensuring the safe and structured development of Islamic finance in the Kingdom,' Shabsigh added. He highlighted the country's potential to expand its presence in the global Islamic finance industry, pointing to initiatives such as the introduction of sovereign Sukuk as particularly significant. 'To build investor confidence and improve financing conditions, Morocco should focus on establishing a strong domestic Sukuk market in dirhams,' he said. 'This would pave the way for future issuances in foreign currencies.' Founded in 2003 and headquartered in Kuala Lumpur, the IFSB promotes the soundness and stability of the global Islamic financial services industry. MAP: 04 July 2025
Ya Biladi
05-07-2025
- Business
- Ya Biladi
Morocco emerges as key Islamic finance hub, says IFSB Secretary General
Morocco has established itself as a regional financial hub thanks to its strategic position between Africa and Europe, and it represents a key lever for the development of Islamic finance, said Ghiath Shabsigh, Secretary General of the Islamic Financial Services Board (IFSB). «We are impressed by the progress made, both in terms of regulatory frameworks and the facilitation of dialogue around Sharia-related issues, particularly how these principles are translated into practical operational mechanisms», Shabsigh told MAP in an interview on the sidelines of the 23rd Islamic Financial Stability Forum, recently held in Rabat. He emphasized that financial education is also a fundamental pillar for the growth of participatory finance, noting that these efforts are part of a strategic plan led by Bank Al-Maghrib to support the sector's expansion and build a robust, trustworthy, and sustainable financial system. While Islamic finance is relatively new in Morocco, Shabsigh observed that it is developing rapidly, as evidenced by key indicators—thanks in large part to the introduction of an adapted legal and regulatory framework. «This framework covers the banking, insurance, and capital markets sectors, marking a major step in supporting the growth of Islamic finance in the Kingdom», he explained, adding that such supervision ensures the safe, sound, and structured development of the sector. He also affirmed that, within this dynamic, Morocco has significant potential to strengthen its role in the Islamic finance industry, both regionally and internationally. «Morocco's initiatives to develop its capital markets are particularly noteworthy, especially the introduction of sovereign sukuk», he said. In this regard, he recommended building a strong foundation by establishing a dynamic and well-structured domestic sukuk market in dirhams. «Once this base is in place, issuing sukuk in foreign currencies becomes much more feasible, with better financing conditions and greater credibility among international investors», he concluded. Founded in 2003 and based in Kuala Lumpur, the IFSB is an international organization dedicated to promoting the soundness and stability of the Islamic financial services industry.
Ya Biladi
04-07-2025
- Business
- Ya Biladi
Morocco emerges as key Islamic finance hub, says IFSB Secretary General
Morocco has established itself as a regional financial hub thanks to its strategic position between Africa and Europe, and it represents a key lever for the development of Islamic finance, said Ghiath Shabsigh, Secretary General of the Islamic Financial Services Board (IFSB). «We are impressed by the progress made, both in terms of regulatory frameworks and the facilitation of dialogue around Sharia-related issues, particularly how these principles are translated into practical operational mechanisms», Shabsigh told MAP in an interview on the sidelines of the 23rd Islamic Financial Stability Forum, recently held in Rabat. He emphasized that financial education is also a fundamental pillar for the growth of participatory finance, noting that these efforts are part of a strategic plan led by Bank Al-Maghrib to support the sector's expansion and build a robust, trustworthy, and sustainable financial system. While Islamic finance is relatively new in Morocco, Shabsigh observed that it is developing rapidly, as evidenced by key indicators—thanks in large part to the introduction of an adapted legal and regulatory framework. «This framework covers the banking, insurance, and capital markets sectors, marking a major step in supporting the growth of Islamic finance in the Kingdom», he explained, adding that such supervision ensures the safe, sound, and structured development of the sector. He also affirmed that, within this dynamic, Morocco has significant potential to strengthen its role in the Islamic finance industry, both regionally and internationally. «Morocco's initiatives to develop its capital markets are particularly noteworthy, especially the introduction of sovereign sukuk», he said. In this regard, he recommended building a strong foundation by establishing a dynamic and well-structured domestic sukuk market in dirhams. «Once this base is in place, issuing sukuk in foreign currencies becomes much more feasible, with better financing conditions and greater credibility among international investors», he concluded. Founded in 2003 and based in Kuala Lumpur, the IFSB is an international organization dedicated to promoting the soundness and stability of the Islamic financial services industry.
