Highlights

The Minister launches a workshop on the Sukuks’ issuance legal framework intended for the Chariâa Commission of Participatory Finance : 31/05/2017

The Minister launches a workshop on the Sukuks’ issuance legal framework intended for the Chariâa Commission of Participatory Finance

Mr. Mohammed BOUSSAID, Minister of Economy and Finance, chaired, with the Secretary General of the Higher Ulemas Council, Mai 31st 2017 at the headquarters of the Ministry, the opening ceremony of the workshop on “the regulatory framework for the Sukuks issue "for the members of the Chariâa Commission of Participatory Finance.

Hosted by the Treasury and External Finances Department, this meeting was attended by a group of stakeholders, including representatives of the General Secretariat of the Government, financial control bodies, the Directorate General of Taxes, the Directorate of the State Domains. The meeting was also attended by representatives of the Management Body who are responsible for preparing the first Sukuks issue on the domestic market.

In his opening address, the Minister thanked the Secretary General of the Higher Ulemas Council and the members of the Chariâa Commission of Participatory Finance for taking part in this workshop, which is part of the preparation of the regulatory framework for Sukuks' issuance.

The Minister further indicated that Morocco has been involved in recent years in an innovative project for the improvement of participatory financial markets through a comprehensive and integrated approach based on the implementation of a legal, organizational and institutional framework relating to the various components of the financial sector: banking sector, capital sector and insurance sector.

The Minister also stressed that the setting up of a Sukuk market in our country is a significant step and a fundamental requirement for improving the participatory financial market and boosting its role in the financing of the economy. He stated that the setting up of a section of participatory finance in the capital market is an absolute priority to meet the needs of various stakeholders in the area, in particular banks.

In addition, the establishment of a Sukuk market in our country would strengthen and expand the financing tools of the economy, especially the industries, thereby encouraging economic growth and jobs.

Finally, Mr. Mohammed BOUSSAID stressed that this event is the first of a series of workshops intended for members of the Chariâa Commission on Participatory Finance, which is part of efforts targeting the creation of a space of dialogue and co-operation between the key Oulemas members of the Commission and officials and experts of the Ministry of Economy and Finance.

​ For her part, the Director of the Treasury and External Finance provided the outlines relating to the first Sukuks issue on the domestic market. On this occasion, a number of presentations were made for the benefit of the members, the committee and the participants.