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Analysis

Morocco develops new framework for sharia-compliant finance
OBG
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Of all the measures included in the new banking law – which came into force in February 2015 and is designed to enhance sector stability (see overview) – those that have received the most attention have to do with developing the kingdom’s Islamic banking segment. Since 2007, Moroccan banks and insurers have been allowed to offer three Islamic products: ijara (a form of lease contract), musharaka…

Analysis

Large clients get the largest share of loans in Morocco
OBG
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By regional standards, Moroccan banks have substantial lending capacity. The kingdom is home to some of the largest banks in Africa: Attijarawafa Bank is the continent’s third-largest, and its three biggest banks are also the three largest in North Africa by tier-1 capital. Credit extended to the local private sector was equal to 70.1% of GDP in 2013, compared to 16.5% in Algeria and an average of…

Analysis

Morocco expanding trade and investment to develop partnerships
OBG
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Over the past 15 years Morocco has signed free trade agreements (FTAs) with some of the largest economies in the world. This has impacted the kingdom’s trade figures, though in some cases it has also been followed by increases in trade deficits with these partners. The next major accord Morocco is likely to sign is a Deep and Comprehensive FTA (DCFTA) with the EU that expands the existing Association…

Analysis

Spirit of the law: New regulations are intended to give local communities more control over project implementation
OBG
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For several months, the use of local development companies (LDCs) seems to be the solution to all the evils inherent in the implementation of public projects. The city of Casablanca alone created seven of them between 2008 and 2014, with varying degrees of success and reservation, voiced mainly by locally elected representatives. However, these firms are an effective tool when certain parameters are…

Analysis

Clearer legal guidelines for health care and real estate sectors in Morocco
OBG
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New rules are set to be implemented to secure infrastructure; open investments in health care assets and in hospitality assets; ease real estate transactions and financing; and rebalance sales. Investors can look forward to many new developments in the Moroccan real estate legal framework in 2014 and 2015. New Evacuation Regulations The Decree No. 2-14-499 dated October 15, 2014 is the general regulation…

Analysis

Attijariwafa Bank: Banking
OBG
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Attijariwafa Bank is the leading bank in Morocco in terms of outstanding loans, with a 26.1% market share, and the number two bank in terms of collected deposits, with 25.1% of the market as of December 2014. The bank operates 3265 branches in Morocco. The group also conducts business outside Morocco, having begun a regional expansion in 2005. Attijariwafa is now positioned in Tunisia, which comprises…

Analysis

Auto Hall: Vehicles and industrial equipment
OBG
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Founded in 1920 and floated on the Casablanca Stock Exchange since 1941, Auto Hall is one of the leading Moroccan operators in the automotive equipments imports and distribution sector. The group operates in five main business segments: 1) passenger cars, where the company distributes the Ford and Mitsubishi brands and where it also operates as an agent retailer of Fiat cars in some regions of Morocco…

Analysis

Cosumar: Fast-moving consumer goods
OBG
plus

Cosumar, the only sugar operator in Morocco, is a de facto monopoly operating seven sugar mills and one raw sugar refinery. The company has a total annual production capacity of 1.65 tonnes. To cope with local market cycles the group has developed a business model that enables it to produce sugar from sugar beets or from raw imported sugar. With this flexible industrial approach, Cosumar is able to…

Analysis

Greater access to finance in Morocco
OBG
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Until recently, investment opportunities on the Casablanca Stock Exchange (CSE) were limited to securities on the equity and bond markets, both of which were dominated by major Moroccan corporates, or investing in mutual funds based on such securities. However this is set to change, with the CSE and market authorities working in recent years on the launch of a wide range of new products, services and…

Analysis

Lesieur: Consumer goods
OBG
plus

Founded in 1942 Lesieur has emerged as a leading player in the Moroccan agribusiness sector, with a 57% market share of its core business – edible oil. Endowed with the largest refining capacities in Morocco, Lesieur is gradually becoming a pan-African competitor, seeking opportunities in new markets via exports and foreign direct investment. Benefitting from strong brand recognition and loyalty,…