Morocco plans to issue sukuks before the end of the first half of 2017, minister of economy and finance, Mohamed Boussaid announced on December 8, highlighting that the operation is part of a program to establish the appropriate environment for upcoming Islamic banks in the kingdom.

“The new financial instruments should contribute to the growth of the participative bank by, depending on the needs, either being invested as liquid funds, or used for its activities,” Boussaid said at a symposium on economy and Islamic finance.

The minister added that sukuks or Islamic bonds are funding alternatives for projects both by the State and the private sector.

According to rating agency Standard & Poor’s, Islamic finance could represent 10-20% of Morocco’s banking system by 2020.