Legal Framework For Shariah Compliance of Moroccan Islamic Banks

Morocco has adopted, in 2014, a new banking regulation (law 103-12), which introduced a specific title related to Islamic banking. The new banking regulation gives the Higher Council of Ulema (HCU) the exclusive prerogative to set the rules and serve as the final arbiter for Shariah compliance of Mo...

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Autor principal:	Anouar Mechkour
Formato:	article
Lenguaje:	AR EN
Publicado:	Bait Al-Mashura Consultations 2018
Materias:	legal framework for shariah compliance moroccan islamic banks Banking HG1501-3550 Islamic law KBP1-4860
Acceso en línea:	https://doaj.org/article/4ebd059058a4479999b18135031dd545
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spelling	oai:doaj.org-article:4ebd059058a4479999b18135031dd5452021-12-02T12:50:00ZLegal Framework For Shariah Compliance of Moroccan Islamic Banks10.33001/M3004201809462410-68362409-0867https://doaj.org/article/4ebd059058a4479999b18135031dd5452018-10-01T00:00:00Zhttp://www.mashurajournal.com/en/legal-framework-for-shariah-compliance-of-moroccan-islamic-banks/https://doaj.org/toc/2410-6836https://doaj.org/toc/2409-0867Morocco has adopted, in 2014, a new banking regulation (law 103-12), which introduced a specific title related to Islamic banking. The new banking regulation gives the Higher Council of Ulema (HCU) the exclusive prerogative to set the rules and serve as the final arbiter for Shariah compliance of Moroccan Islamic banks. Further more, the law 103-12 requires Moroccan Islamic banks to create, within them, independent functions that will be responsible for ensuring compliance with the decisions and advices of the Supreme Council of Ulemas.In this paper, we provide an analytical study of the Sharia compliance modelintroduced by the Moroccan legislature for Moroccan Islamic banks. As such, the paper analyzes the basis of the choice made by the Moroccan legislature, the missions, roles and responsibilities of the different actors of the MoroccanShariah compliance model and, finally, its perspectives. A benchmark is also carried out in order to draw lessons from the best practices of other jurisdictions. The research main conclusion is that in spite of some gray areas that have tobe addressed by the legislature, the Moroccan model will allow developing national Shariah standards and ensure a perfect mitigation of conflict of interests. Furthermore, the Moroccan model will help participative banks to be cost-effective, mitigate reputation risk.Anouar MechkourBait Al-Mashura Consultationsarticlelegal framework for shariah compliancemoroccan islamic banksBankingHG1501-3550Islamic lawKBP1-4860ARENمجلة بيت المشورة, Iss 9, Pp 119-137 (2018)
institution	DOAJ
collection	DOAJ
language	AR EN
topic	legal framework for shariah compliance moroccan islamic banks Banking HG1501-3550 Islamic law KBP1-4860
spellingShingle	legal framework for shariah compliance moroccan islamic banks Banking HG1501-3550 Islamic law KBP1-4860 Anouar Mechkour Legal Framework For Shariah Compliance of Moroccan Islamic Banks
description	Morocco has adopted, in 2014, a new banking regulation (law 103-12), which introduced a specific title related to Islamic banking. The new banking regulation gives the Higher Council of Ulema (HCU) the exclusive prerogative to set the rules and serve as the final arbiter for Shariah compliance of Moroccan Islamic banks. Further more, the law 103-12 requires Moroccan Islamic banks to create, within them, independent functions that will be responsible for ensuring compliance with the decisions and advices of the Supreme Council of Ulemas.In this paper, we provide an analytical study of the Sharia compliance modelintroduced by the Moroccan legislature for Moroccan Islamic banks. As such, the paper analyzes the basis of the choice made by the Moroccan legislature, the missions, roles and responsibilities of the different actors of the MoroccanShariah compliance model and, finally, its perspectives. A benchmark is also carried out in order to draw lessons from the best practices of other jurisdictions. The research main conclusion is that in spite of some gray areas that have tobe addressed by the legislature, the Moroccan model will allow developing national Shariah standards and ensure a perfect mitigation of conflict of interests. Furthermore, the Moroccan model will help participative banks to be cost-effective, mitigate reputation risk.
format	article
author	Anouar Mechkour
author_facet	Anouar Mechkour
author_sort	Anouar Mechkour
title	Legal Framework For Shariah Compliance of Moroccan Islamic Banks
title_short	Legal Framework For Shariah Compliance of Moroccan Islamic Banks
title_full	Legal Framework For Shariah Compliance of Moroccan Islamic Banks
title_fullStr	Legal Framework For Shariah Compliance of Moroccan Islamic Banks
title_full_unstemmed	Legal Framework For Shariah Compliance of Moroccan Islamic Banks
title_sort	legal framework for shariah compliance of moroccan islamic banks
publisher	Bait Al-Mashura Consultations
publishDate	2018
url	https://doaj.org/article/4ebd059058a4479999b18135031dd545
work_keys_str_mv	AT anouarmechkour legalframeworkforshariahcomplianceofmoroccanislamicbanks
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Legal Framework For Shariah Compliance of Moroccan Islamic Banks

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