RABAT: Morocco’s central bank has approved the use of five types of Islamic banking transaction, giving a final regulatory nod for the country to launch an Islamic finance industry.
Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central Shariah board, a body of Islamic scholars, to oversee the sector.
The North African country long rejected Islamic banking because of concern about Islamist movements, but its financial markets lack liquidity and foreign investors, and Islamic finance could attract both of those.
In circulars published in the official bulletin over the weekend, Morocco’s central bank said any Islamic transaction would be subject to preliminary approval by the Shariah board, called the Shariah Committee for Participative Finance (SCPC).
The central bank said it was allowing five common types of transaction: Murabaha, Musharaka, Ijara, Mudaraba and Salam. It also set regulations for conventional banks to open windows selling Islamic products.
It had given regulatory approval to three major Moroccan banks to open Islamic subsidiaries: Attijariwafa Bank, BMCE of Africa and Banque Centrale Populaire, as well as to smaller lenders Credit Agricole and Credit Immobilier et Hotelier.
Subsidiaries of Societe Generale of France, Credit du Maroc and BMCI have also won permission to sell Islamic products.
The circulars lay down conditions and regulatory frameworks for banks to manage deposits, funds and investments under Shariah principles, which ban interest and pure monetary speculation.
Morocco’s government plans to issue its first Islamic bond in the domestic market in the first half of 2017; experts said that would stimulate business in the sector. However, the Parliament has yet to approve a bill regulating Islamic insurance.
Morocco paves way for Islamic finance industry
Morocco paves way for Islamic finance industry
Saudi Arabia reports surge in patent filings amid innovation drive
RIYADH: Saudi Arabia recorded a significant increase in the number of patent applications filed by individuals and national institutions during 2025, reflecting a growing awareness among innovators and national entities of the importance of protecting innovations and maximizing the value of intangible assets.
The Saudi Authority for Intellectual Property explained that patent applications filed by individuals witnessed substantial growth, rising from 2,007 submissions in 2024 to 3,942 in 2025, representing a growth rate of 96 percent. This indicates a broadening base of innovators and entrepreneurs, and a rising awareness of the importance of registering intellectual property rights, according to the Saudi Press Agency.
The authority also indicated that the number of patent applications filed by national institutions increased from 408 in 2024 to 734 in 2025, representing an 80 percent growth. This reflects the increasing interest of national entities in protecting their innovations and transforming them into valuable economic assets.
The entity further noted that this growth contributed to raising the total number of patent applications filed in 2025 to 10,300, compared to 8,029 in 2024. It affirmed its continued efforts to develop the intellectual property system, streamline registration procedures, and support innovation, in line with the objectives of the Kingdom’s Vision 2030.
Saudi Arabia has made notable progress in the 2025 Global Intellectual Property Index, with its score rising by 17.5 percent, placing it among the fastest-improving economies out of the 55 countries evaluated.
According to the 13th edition of the index, published by the US Chamber of Commerce in April, the Kingdom now ranks 40th globally, a reflection of the substantial reforms driven by its Vision 2030 strategy. These reforms aim to enhance intellectual property protection, foster innovation, and support the growth of a knowledge-based economy.
Since 2019, Saudi Arabia’s overall score has increased from 36.6 percent to 53.7 percent in 2025, marking a cumulative improvement of over 40 percent in just six years. This progress stems from a comprehensive transformation of the nation’s IP ecosystem, including the strengthening of legal frameworks and enforcement mechanisms.
These developments highlight Saudi Arabia’s growing institutional capacity and ongoing regulatory modernization, led by the SAIP.
