The Secretary-General of the Islamic Financial Services Board (IFSB), Ghiath Shabsigh, praised on Thursday in Rabat Morocco’s continued commitment to participative finance.
“Morocco is actively advancing its commitment to participative finance, which is experiencing both deep and dynamic growth,” Shabsigh said at the 23rd Islamic Financial Stability Forum, held on the sidelines of the 2025 IFSB Annual Meetings under the theme: “Overcoming Challenges: Addressing Structural Vulnerabilities and Strengthening Resilience to Future Shocks.”
He emphasized that with a robust financial infrastructure, extensive regional networks, and significant demographic potential, Morocco holds a strategic position that enables it to serve as a key gateway for the development of Islamic finance in West Africa and across the Mediterranean basin.
Shabsigh also highlighted Morocco’s ongoing reforms, particularly in infrastructure, sustainability, and social policy especially in the context of preparing to host the 2030 FIFA World Cup.
In this regard, he acknowledged the vital role of Bank Al-Maghrib (BAM) and national financial regulatory bodies, including the Moroccan Capital Market Authority (AMMC) and the Insurance and Social Welfare Supervisory Authority (ACAPS), in supporting efforts to promote participative finance in the Kingdom.
The IFSB official also pointed to the remarkable global growth of the Islamic financial services sector, which reached 3.88 trillion dollars in 2024.
However, Shabsigh warned of certain vulnerabilities that accompany this growth, citing “uneven regional development, weak regulatory frameworks, limited regulatory capacity, insufficient market infrastructure, limited integration into financial safety nets, and gaps in crisis preparedness.”
These weaknesses, he added, pose real risks to confidence, capital flows, and long-term stability.
Ghiath Shabsigh recalled that over the past two decades, the Islamic Financial Services Board (IFSB) has developed 30 standards covering the main segments of Islamic banking, capital markets, and insurance all aligned with international bodies such as the Basel Committee, the International Association of Insurance Supervisors (IAIS), the International Organization of Securities Commissions (IOSCO), and the International Association of Deposit Insurers (IADI).
The Forum brought together central bank governors, senior regulatory officials, international standard-setting organizations, and industry stakeholders to exchange views on promoting sound growth and strengthening the long-term financial stability of the Islamic financial services sector.
Held from July 1 to 3, 2025, the IFSB’s Annual Meetings and parallel events convened central banks, regulatory and supervisory authorities, and sector players from among the IFSB’s international membership.
MAP: 03 July 2025
