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Money Managers’ Misery
Bloomberg In recent weeks, the bell marking the open and close of trading on the New York Stock Exchange has been rung by a diverse cast including Coca-Cola Co. (honoring the 58th running of its sponsored NASCAR race) and man-who-writes-the-songs Barry … |
June 08, 2017 at 02:16PM
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Islamic banks, referred to as ‘participation banks’ in Morocco, are likely to provide a modest stimulus to deposit growth in the country, Fitch Ratings says. Morocco’s central bank granted its first licences to Islamic banks last week.
Our discussions with Fitch-rated banks indicate that the ability to offer Islamic banking products could expand their deposit bases by 5% to 10%. The ability to grow the deposit base is positive for Morocco’s economic development because deposits represent about 70% of banking sector funding.
We expect growth of participation banks will be high initially, as was the case following the introduction of Islamic banking in Turkey and Indonesia. The ability to access Islamic products will ensure that customers have access to a more comprehensive range of services. Customers who have avoided transacting with conventional banks for sharia-related reasons can now move into the formal banking sector.
However, banking penetration is already high in Morocco, with 70% of adults holding a bank account, suggesting that most Moroccans have not shied away from the banking sector on faith grounds. Participation banking is therefore unlikely to take a significant market share from the well-established conventional banks.
The growth of participation banks will be affected by several factors, including the spread of awareness of Islamic finance, the extent to which the government stimulates expansion, population growth rates and regulatory developments. Positively, the central bank has established a central sharia board of Islamic scholars to oversee the sector, which should help to provide a cohesive framework under which the banks can operate. Greater clarity on essential aspects, such as how participation banks will manage their liquidity in a sharia-compliant manner and how financing contracts will be drawn up, would help to stimulate the sector. However, delays in establishing a clear framework could hinder the development of participation banks, forcing up funding costs and resulting in insufficient depth in product offerings.
Growth rates in the Moroccan banking sector have been volatile in recent years, reflecting unsteady economic trends. Deposit growth (nearly 7% in 2016) has outstripped loan growth (3.9%) in recent years, but credit demand is set to accelerate in line with an improved economic outlook in 2017. This could force banks to compete more aggressively for deposits, putting pressure on margins at the conventional banks. The ability to offer participation banking services could broaden the pool of potential depositors in the country, mitigating the competitive pressure.
Only existing conventional banks have applied for participation banking licences and we are not aware of any independent Islamic banks making requests to operate in Morocco. Banks owned by domestic shareholders, such as Attijariwafa Bank, BMCE Bank, Groupe Banque Centrale Populaire and Credit Immobilier et Hotelier, have opted to establish separate participation banking subsidiaries, while subsidiaries controlled by French parents, such as Societe Generale Marocaine de Banques (controlled by Societe Generale), Banque Marocaine pour le Commerce et l’Industrie (BNP Paribas) and Credit du Maroc (Credit Agricole), have chosen to provide services through special Islamic banking ‘windows’.
The material has been provided by InstaForex Company – www.instaforex.com
June 08, 2017 at 02:30PM
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No other banks or building societies currently have plans to follow Skipton Building Society’s lead and launch a cash Lifetime ISA, MoneySavingExpert.com has found.
Skipton today became the first provider to introduce a cash LISA, offering an annual interest rate of just 0.50%. The LISA can be opened with just £1, and crucially if you use one to save you’ll also get a 25% state bonus when you buy a home or turn 60.
See our Lifetime ISAs”>Lifetime ISAs guide or full info on how they work and the top products.
June 08, 2017 at 02:14PM
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MUMBAI (Reuters) – Moody’s Investors Service said on Thursday the 11 Indian state-run banks that it rates could need up to 950 billion rupees ($14.76 billion) in equity capital by March 2019, far above the 200 billion rupees the government plans to inject into state banks by then.
June 08, 2017 at 02:13PM
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#RBS shareholders given until July to prove that they can fund the continuation of their claims over the bank’s 2008 rights issue #CorpGov
June 08, 2017 at 02:17PM
https://twitter.com/daviddoughty/status/872744146045370368
from David Doughty
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May 30, 2017 at 02:29PM
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Yen Falls To 142.94 Against Pound The material has been provided by InstaForex Company – http://ift.tt/YshDF3
The post *Yen Falls To 142.94 Against Pound appeared first on ForexTV.
May 29, 2017 at 02:14PM
from Insta Forex
COAL POLICY: FOCUS SHIFTING FROM QUANTITY TO QUALITY Coal News Commentary: April – May 2017 India According to NITI Aayog, coal will remain India’s main energy source for the next three decades although its share will gradually fall as the country pushes renewable power generation. India aims to double its output to 1.5 BT by … Continue reading Energy News Monitor | Volume XIII: Issue 50 →
The post Energy News Monitor | Volume XIII: Issue 50 appeared first on ORF.
May 29, 2017 at 01:42PM
from admin
SWISS SIGHT DEPOSITS OF DOMESTIC BANKS AT 489.295 BLN SFR IN WEEK ENDING MAY 26 VERSUS 487.479 BLN SFR A WEEK EARLIERThe material has been provided by InstaForex Company – http://ift.tt/YshDF3
The post Swiss Sight Deposits of Domestic Banks at 489.295 Bln Sfr in Week Ending may 26 Versus 487.479 Bln Sfr a Week Earlier appeared first on ForexTV.
May 29, 2017 at 02:14PM
from Insta Forex
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I have recently been talking to a number of seasoned growth investors about some of their most successful investments, and have found a common theme. What they do to create growth has very little to do with injecting capital. The real secret seems to be something else.
May 29, 2017 at 01:18PM
from Alastair Dryburgh, Contributor
05/26 #USDJPY m10 GSI with 99 matching events: Up to 111.5 at 43% Down to 110.89 .. 05/26 Forex https://t.co/YX4TSY3Vo4 #EURUSD – #USDJPY #GBPUSD https://t.co/.. 05/26 US Q1 GDP rose 1.2%, better than 0.9% expected, Durable Goods fall -0.7%; $US..
The post USD/JPY Little Changed to Close Trading Week – https://t.co/c09NmDoq1q appeared first on ForexTV.
May 27, 2017 at 01:13PM
from JPY Editor
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It has been a good day in the office in the desert kingdom for Donald Trump.
May 21, 2017 at 01:45PM
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A suspected accomplice of the man who shot dead a police officer in Paris last month has been charged with terrorism offences and remanded in custody.
May 21, 2017 at 01:45PM
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The US city of New Orleans has removed the last of four high-profile monuments honouring leaders of the Confederacy.
May 21, 2017 at 01:45PM
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The country’s Ministry of Mines and Energy banned sand exports in November 2016 after public outrage over large inconsistencies on the recorded amount of sand exported to Singapore, but an NGO said…
May 08, 2017 at 02:25PM
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Adam Thimmesch (Nebraska), Transacting in Data: Tax, Privacy, and the New Economy, 94 Denv. L. Rev. 145 (2016): The technological developments of recent decades have allowed data to emerge as the functional equivalent of a currency in the digital economy. One result is that individuals now have the ability to…
May 03, 2017 at 02:11PM
from Paul Caron
