Islamic banks and institutions operating in Morocco closed 2018 with a net loss of MAD377 mln
Tuesday, 23 July 2019 20:37
The 5 banks and 3 participating branches operating in Morocco recorded a negative net income of MAD377 million ($39.1 million) at the end of 2018. A year earlier, net loss was MAD175 million ($18.1 million).
According to the 2018 annual banking monitoring report published by the Central Bank of Morocco on 22 July 2019, the situation is due to “the burden of investments induced by the start of activities of these Islamic banks.”
For all these Moroccan Islamic banks, general operating expenses amounted to MAD445 million at the end of December 2018. Despite this situation, outstanding financing granted by all Islamic banks in Morocco stood at around MAD4.5 billion over the period, more than 90% of which was in the form of “Murabaha real estate” type financing and 8% as “Murabaha Automobile”.
Chamberline Moko
Live News
-
Orange Group Targets Stronger Presence as Africa’s Key CDN Service Provider
12:48
-
Zambia Secures Three-Month IMF Program Extension
12:19
-
Egypt Signs New Deals to Boost Gas Exploration Amid Production Decline
11:34
-
Central African Republic to Launch National Guarantee Fund for SMEs
11:06
-
UK Miner BWA to Invest CFA1 Billion , Acquire 70% in Cameroon's Aracari Gold Project
04:29
-
Cameroon Adds 28.6 MW Solar Capacity in Northern Expansion
20:42
-
Cameroon's Quicky Services Bridges Clients and Providers Via Mobile App
20:31
-
Proparco, local banks invest CFA54.4 bln in Cameroon aluminum plant
17:16
-
Telcar Cocoa CEO Kate Fotso reportedly halts operations, commits to improve value chain
15:57
-
India's New Ambassador Pledges Economic Partnership Boost With Togo
13:38
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...
As a relatively small issuer in the West African Economic and Monetary Union (WAEMU) market, Benin i...
• Orange has partnered with UK-based Synamedia to boost its CDN services across Africa and the Middle East.• The deal integrates Orange’s Content Delivery...
• Egypt has signed three new oil and gas exploration agreements with Apache, Dragon Oil, and Perenco, targeting the Western Desert, Gulf of Suez, and...
• Women represent nearly 50% of business owners in Benin, mainly in trade and crafts.• The DRC selected 20,628 women in 2025 for a micro-entrepreneurship...
• Uganda faces a severe youth unemployment crisis, with over 81,000 applicants competing for just 280 public sector positions in a recent recruitment...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...