Islamic banking has made relatively little headway in Morocco so far, despite the country's large Muslim population. The Moroccan banking system comprises 24 banks, including 19 conventional banks (three of which have Islamic windows1) and five fully-fledged Islamic banks. The Islamic banking sector accounted for a low 1.4% of total Moroccan banking assets as of end-2021. Most Islamic lenders (known as participative banks and windows in Morocco) were set up in collaboration with Moroccan and French conventional banks. The Muslim....