Hassan II Mosque, Casablanca, Morocco
Feb 17 (Reuters) – Morocco is to create a sharia board of Islamic scholars to oversee the country’s fledgling Islamic finance industry, according to a royal decree.
It is the second big step to allow the creation of Islamic banks and enable private firms to issue Islamic debt, after parliament approved the Islamic finance bill last November.
Islamic banks, which ban interest payments and pure monetary trading, have been growing across Asia, Middle East and Europe.
Sensitive of Islamist movements, Morocco has long rejected the idea. But the country’s financial market lacks liquidity and foreign investors, and Islamic finance could attract both.
Called the Sharia Committee for Participative Finances, the board will be composed of 10 Islamic scholars plus at least five financial experts, the official bulletin said.
Additional Reading
Islamic banking is a joke and a farce. The world economy is based on interest and unless the Muslim countries become the leading economies of the world and then tweek the system to bring it closer to Islamic teachings of justice, compassion, charity and equality; these small steps are only to play with the emotions of believing masses, who neither understand economy, nor Islam and especially do not understand the Machiavellian ways of governing elite and politicians.
By going for these Islamic loans the masses get the worst of both worlds.
Muslims, in this day and age, have little choice but to learn about the strengths of current economic systems and resign to them, rather than merely focusing on their short comings.
I am all for an open discussion. In the past I wrote:
What if the top one percent in USA were true Muslims?