Morocco approves first Islamic banks:
Morocco has become the latest Muslim-majority country to authorize Islamic banks, amid growing market demand for Sharia-compliant banking. The Moroccan central bank announced this week it has approved five such banks, fulfilling a long-standing promise of the Islamist party leading a coalition government since 2011. Among them are leading national banks Attijariwafa, linked to the royal family, state-owned Banque Centrale Populaire and private BMCE Bank of Africa. All three hold increasing assets around French-speaking Africa. The others are CIH Bank and Credit Agricole du Maroc. Four of the five will be partnerships between Moroccan banks and Islamic financial institutions in the Gulf, according to a statement from the central bank. The approval of Islamic banks was long awaited by the market and the political scene. Morocco had been reticent about Islamic finance, seeing it as politically sensitive, but now sees it as a growth prospect. The Islamist PJD party had made the opening of Islamic banks one of its campaign promises in 2011, when it won parliamentary elections. The regulatory framework was updated in 2015 with a law authorizing independent Islamic institutions labeled "participative banks." A board was created within Morocco's Supreme Council of Islamic Scholars to rule on the conformity of financial products to Sharia, or Islamic law. Sharia forbids interest, which is key to most banks' operations. The central bank also allowed the subsidiaries of three leading French banks to sell Islamic products in Morocco: Societe Generale, BNP Paribas and Credit Agricole.
Africans living abroad: Attijariwafa bank Europe launches "Afrik Assistance Sans Frontière", AASF:
Attijariwafa bank Europe launched its new product "Afrik Assistance Sans Frontière" (AASF). As part of its multi-market anchoring strategy, the European subsidiary of the Moroccan banking institution has decided to propose an offer of assistance to its Senegalese, Malian and Ivorian costumers, it said in a statement . AASF was deployed simultaneously in France, Spain and Italy. It as a result allows subscribers to benefit from assistance coverage in the event of death, mainly covering the repatriation of bodies. This product also includes taking charge of the preparation and repatriation of bodies of the deceased to the place of burial in France, Spain, Italy, Senegal, Mali and Ivory Coast; The management of all administrative formalities related to the repatriation of dead bodies; A family cover valid for the subscriber and all the members of his/her family. Finally, the payment of a contribution to the funeral expenses in the event of the death of any beneficiary (with the exception of additional persons). Attijariwafa bank Europe is established in six countries through 70 branches. Its head office is based in Paris and operates through its branches in France, Spain, Italy, Belgium, the Netherlands and Germany.
The World Bank: Morocco to grow by 4% in 2017:
In its report released yesterday, the World Bank forecasts a growth of 4% for Morocco in 2017, well above the 1.5% of 2016. A trend that is expected to stabilize as growth forecasts for the years 2018 and 2019 Are respectively 3.6% and 3.5%. In 2016, the kingdom had of course suffered a severe economic downturn because of the bad agricultural season. The World Bank believes that 2017 should provide the country with better incomes from agriculture and allow for much more growth. A forecast which slightly remains less optimistic than that of the International Monetary Fund (IMF), which announced in a report published on 4th October that Moroccan growth should be 4.8% in 2017. A rate close to that recorded in 2015, and Well above the level expected in 2016. Forecasts by other institutions including Bank Al-Maghrib (4.2%) are not far away. The 2017 budget law that has still not been passed was built on the assumption of 4.5% growth. Compared to the major economies of Africa and the Middle East, Moroccan growth will be better. But the score itself relatively remains low for a pre-emerging economy. The recovery of the expected activity is mainly because of a return to the normal of the agricultural season after a 2016 production counteracted by the vagaries of the climate.
The private 3P Fund raises its capital to 220 MDH:
A few months after the end of its investment operations, the public private fund 3P Fund has raised its capital from 150 million MDH to 220 million MDH. This recapitalization is intended largely to finance the fifth participation of this vehicle co-managed by Attijari Invest and Atlamed (a management company founded by Bassim Jai Hokimi).However, if this new operation brings the total amount invested by 3P Fund since its creation in April 2012 (an average ticket of 30 MDH per operation) to a little more than 150 MDH, it does not that much remains Below the expectations of shareholders, both public and private, who have pledged to bring 400 MDH to accompany at least fifteen Moroccan Small Medium companies.
200 million euros in the starting blocks:
A new international financing contract is expected this year in Finéa's favor. According to our information, the European Investment Bank (EIB) is preparing to grant a loan of 200 million Euros to this subsidiary of the CDG group. A financing that had been under negotiation for two years and approved on 15th December 2015 by the EIB's Board of Directors. According to our sources, the loan is in the starting blocks, waiting only for the signature of the financing contract between Finéa and the EIB. This first operation of its kind for the subsidiary of CDG has mobilized 2.2 billion MDH in favor of 2,200 Small Medium Companiess through 4 partner banks: Attijariwafa bank, Banque Populaire Group, BMCE Bank and CIH Bank. KfW's trust in Finéa was renewed on 25th November 2015 with the award of a new line of 150 million euros, dedicated to financing small and medium-sized enterprises. As a result of this loan, Finéa signed a contract with BMCE Bank in May 2016 to set up a refinancing line of 1.3 billion MDH for Moroccan Small Medium Companiess: investment projects and cash requirements. This policy of refinancing with international donors is part of Finéa's strategic development plan 2013-2017.
Participatory finance: Morocco has adopted a step-by-step approach to secure start-up (workshop):
Morocco has voluntarily adopted a progressive approach to the launch of participatory finance in order to ensure a safe start of this new activity, stressed in Casablanca Thursday the participants in the 4th edition of the "Meeting of Finance" . The Kingdom has also adopted a very flexible legal and regulatory framework that leaves the way open for innovation, they noted during this workshop organized by the Casablanca Stock Exchange, in partnership with the Professional Association of Stock Market Societies (APSB ) And the Moroccan Association of Participating Finance-Sharia Compliant (AMFP). Under the theme "Funding mechanisms for the ecosystem of participative finance Sharia Compliant via the capital market", this meeting is a part of the actions accompanying market professionals and reflection on the new tools And financing techniques. Participatory finance that has been devoted both to the new banking law but also to the text that amended the securitization law is an important lever for the development of the Moroccan financial market, said the speakers, including representatives of Bank Al- Maghrib, the Superior Council of the Oulema and the Moroccan Capital Market Authority, in addition to international experts. It will both increase business by offering a new range of products, but also improve financial integration and banking rates by integrating people who do not adhere to the principles of conventional finance, "They explained.
Participating banks: "It's not a marketing make-up:
"The shift in participative finance is partly attributable to Dar Assafaa," claims Youssef Baghdadi, chairman of the board of Attijarivvafa bank's subsidiary. Its upturns in the field contribute in part to building the current architecture of participatory finance. Seven years after its creation, Dar Assafaa that will change its name, enjoys a slight advantage over the competition. "We are ready to launch new offers as soon as the flyers are published. We already have a customer base and agencies that are operational, "said Baghdadi. The subsidiary of Atttijariwafa bank has outstanding loans of nearly 1.5 billion MDH on the balance sheet after almost seven years of activity. For the leaders of Dar Assafaa, the contribution is elsewhere. "Attijariwafa bank's primary goal was to install this finance. The shift that this activity is taking is partly attributable to Dar Assafaa, "said Youssef Baghdadi. "We have always exchanged with the Central Bank and the authorities about our experience. This knowledge of the field allows instead to have a better visibility on the future of participatory finance, "he adds. While Dar Assafaa has contributed in part to the popularization of alternative products, the work in this area remains immense.
900 million MDH tax adjustment for BMCE Bank:
The DGI struck again. After submitting the OCP for a tax adjustment of 950 million Dirhams, it is the turn of BMCE Bank to take its own. And the bill, salty, amounts to nearly 900 million Dirhams, or about 50% of the profit registered by the group in 2015. Since the BMCE refused to acknowledge receipt of the notification sent by registered post, the General Directorate of Taxes was obliged to initiate the procedure of hand delivery by bailiff; Who presented himself at the headquarters of BMCE Bank in order to fulfill his mission.
42 billion MDH won in five days!
The Masi made an exceptional start to the year with already a gain of 7.63% on an average daily volume of 470 million MDH at the end of the first week of the year. Thus, the value of companies in the market improved by 42 billion dirhams to 625 billion MDH. During the last weekly session, the main index of the place took 2.84% at 12,532.22 points. The barometer of the most liquid stocks gained 2.93% to 10,315.12 points. The Ftse indices showed larger increases. The values of the banking, telecom and real estate sectors continue to attract investors. In particular, Attijariwafa bank, Maroc Telecom, Résidences Dar Saada, Addoha, BCP and BMCE Bank monopolize trade. They alone have drained 58% of trade on the central market. After a week, Addoha posted an increase of 26.64% to 54.43 MDH and Residences Dar Saada 15.68% to 214 MDH. On the banks' side, BCP recorded a weekly increase of 8.81% to 310 MDH while AWB won 6.78% at 441 MDH. BMCE Bank is a little behind with a rise of 0.90% to 225 MDH. Maroc Telecom, the first company in the market, saw its price rise of 5.63% over the week to 150 MDH.
Call for boycott of Moroccan banks during demonstrations in front of Moroccan embassies in Europe:
Despite cold weather and snow, european rifains organized Saturday morning January 7th, 2017, a demonstration in front of the Moroccan Embassy in The Hague, the Netherlands for denounce the force deployed by the authorities Moroccan to disperse a sit in El Hoceïma. The demonstrators called on the Moroccan community living abroad to boycott Royal Air Maroc, Moroccan banks by withdrawing their money ....
Union of Arab Banks: The performance of the banking sector in some Arab countries, including Morocco, will not be impacted in 2017 (study):
The General Secretariat of the Union of Arab Banks, headquartered in Beirut, has indicated in a study that the banking sectors in Morocco, Jordan, Lebanon, Palestine and Sudan will not face Risks that would negatively impact their performance during the current financial year. This is due to the banks' resilience to the political situation in these countries, the diversification of their credit portfolios, in addition to the efforts made by the central banks to consolidate monetary and financial stability in these countries Countries, according to the study prepared by the "Studies and Research" division of the Union.
Ctédit : IMPERIUM MEDIA
