DOCSLIB.ORG

The Creation of an Islamic Stock Market Index on the Moroccan Financial Place According to the S&P Method

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Creation of an Islamic Stock Market Index on the Moroccan Financial Place According to the S&P Method Researches and Applications in Islamic Finance بحوث و تطبيقات في المالية اﻻسﻻمية Recherches et Applications en Finance Islamique ISSN : 9052- 0224 Vol 5, N° 1, February 2021 The creation of an Islamic stock market index on the Moroccan financial place according to the S&P method Ismail NASIRI Pr. Mohamed DRISSI BAKHKHAT Faculty of Law and Economics, Faculty of Law and Economics, Abdelmalek Essaadi University, Abdelmalek Essaadi University, Tangier – Morocco Tangier - Morocco [email protected] [email protected] Abstract: This article aims to broaden the literature on the subject of the construction of Islamic stock market indices by studying the case of Morocco. The results show that the selection process has resulted in a well-diversified universe of Shariah-compliant actions. Moreover, we found 57 of 75 listed companies compliant for the first screening and subsequently, we found 18 compliant companies after reviewing the consolidated balance sheet and The income and expense accounts of these companies. During the analysis period considered (January 2017 to December 2018). The Moroccan All Shares Index (MASI) has been statistically found to have a higher variance than its counterpart the Standard and Poor Moroccan Islamic Index (SPMII), indicating that investors will not make sacrifices for a classic index that has a high level of risk. Keywords: Islamic stock market indices, Screening, Morocco. Received: 30 September 2020, accepted: 18 February 2021 Citation: Nasiri I. and M. Drissi Bakhkhat (2021), The creation of an Islamic stock market index on the Moroccan financial place according to the S&P method, Researches and Applications in Islamic Finance, Vol 5, No 1, pages: 107-123 107 Vol 5, No 1 (2021) Introduction Global Islamic Finance assets are forecast to reach USD 3.69 trillion by 2024, according to the 2020 Islamic Finance Development Report 20201.According to the report, global Islamic Finance assets increased by 14 percent year-on-year totaling USD 2.88 trillion in 2019. Islamic Finance assets of Gulf Cooperation Council (GCC) reached USD 1.2 trillion in 2019, followed by Middle East and North Africa (MENA) at USD 755 billion (excluding the GCC), and Southeast Asia at USD 685 billion. Shaken by the Arab spring of 2011 and the global financial crisis of 2008, Morocco, one of the most promising emerging countries in the world, has recently aligned its economic development strategy with the inclusion of Islamic finance to strengthen its economy and diversify its sources of financing. After the approval of a draft Islamic Finance Bill by the Moroccan Parliament in November 2014, the Moroccan Ministry of Finance and Economy adopted a circular in July 2015 describing the banking licensing process, including Shariah-compliant units. The new banking law allows the establishment of Shariah-compliant banks (Islamic law) and allows foreign lenders to create Islamic units in Morocco as well. The year 2018 was the first full year for the eight Moroccan banks and participating counters. A first exercise that resulted in a volume of funding that can be described as significant, given the deficiencies still present in the ecosystem of participatory financing in the Kingdom. According to the latest monetary statistics of Bank Al-Maghrib, at year-end 2019, the number of bank accounts had increased by 5% annually to more than 28 million, after 4.7% at year-end 2018. Regarding the accounts opened by the participating banks, their number stood at about 87 thousand, compared to 56 thousand accounts last year. To meet the needs of high net worth investors who want to grow their capital and diversify their portfolio by holding halal assets, financial operators should urgently create Shariah-compliant equity funds to invest in and develop a set of indices that list Shariah- compliant companies and serve as a benchmark for compliant portfolio managers. Unfortunately, Moroccan stock market players have not yet created such indices that would allow international Muslim investors to be tempted and monitor stock market developments in a style consistent with their underlying ethical principles. Guyot (2011) studied the performance of 9 Islamic indices belonging to the Dow Jones family by comparing them with conventional indices and conducting a co-integration and efficiency analysis from January 1999 to December 2008. He concluded that there is an absence of co-integration and the possibility of diversification opportunity; Islamic stock market indices are much more efficient than their conventional counterparts. Majid et al. (2007) focused on Malaysian Islamic indices. The conclusion drawn by this study is that 1 https://icd-ps.org/en/news/refinitiv-icd-2020-report-global-islamic-finance-assets-expected-to-hit-369-trillion- in-2024 ( Accessed 21/01/2021) 108 Vol 5, No 1 (2021) Islamic stock market indices are more volatile than conventional indices, more precisely; they are more sensitive to exchange rates and less sensitive to interest rates than their counterparts. In this article, we follow the selection process of companies listed on the Casablanca Stock Exchange under Shariah in order to obtain a set of Shariah-compliant companies, which leads us to ask the following question: What would be the performance of the newly created Moroccan Islamic stock market index compared to the MASI index? How does it proceed qualitatively and quantitatively to the creation of the Islamic stock market index? Which quantitative criteria will we use in this research to create a Moroccan Islamic index? Which Moroccan companies can contribute to the constitution of the Islamic stock market index? Is the Islamic index stable over time compared to its MASI counterpart? An Islamic stock market index could be created based on Standard & Poor's (S&P) financial ratios alone. To do so, we select 75 companies listed on the Casablanca Stock Exchange to obtain Shariah-compliant shares. The remainder of this article is structured as follows: The second section presents a literature review of studies that have examined the characteristics of this particular investment and a brief history of the main Islamic stock market indices. The third section is built around the Shariah screening methodologies we used in this study. In the fourth section, we present the used methodology and the method of constructing Islamic Indices S&P. The last section is devoted to the results and discussions. 2. Literature review Islamic stock market indices are first of all compliant with Shariah law (Shariah - compliant) also applying the different laws existing in the various financial markets. Rizvi and Arshad (2014), worked on comparing the efficiency of the Islamic market with that of the conventional market using the MF-DFA (Multifractal of trended fluctuation analysis) method. The objective of this analysis is to deepen the understanding of the Islamic market and to draw a conclusion that market development has an impact either directly or indirectly on efficiency and optimal resource allocation. Jawadi et al. (2014) explained that the returns of traditional financial products outperform those of Islamic products in the period before the subprime crisis and underperform the latter in times of crisis (2006-2011). In their Meta-analysis, El khamlichi and Viallefont (2015), showed that Islamic indices do not underperform conventional indices. Elbousty and Oubdi (2017) confirmed that there are no differences between the returns and volatilities of the two types of indices. Islamic investment performs better than conventional investment in general, Shariah restrictions seem to have moderate positive effects in portfolio diversification, also during periods of financial recession of major crises such as the one in 2008 (Balcilar et al, 2016; Hkiri et al. 2017; Umar et Suleman 2017; Ahmad et al. 2018; Hossain et al. 2018; Cevik et Bugan 2018; Usman et al. 2019; Umar 2017). The tests carried out by Yildiz and El Khamlichi (2017) show that only the Sharpe and M2 ratios give identical rankings. A Pearson linear correlation coefficient analysis was also 109 Vol 5, No 1 (2021) performed to measure the correlation between the rankings of 16 risk adjusted performance measures (RAPMs). The final index rankings are obtained using the Borda counting method. Their results suggest that, on a regional basis, Asian countries perform better than Latin American and EMEA (Europe, Middle East, and Africa) countries. When countries are examined individually, the EM Colombia Islamic Index comes first in the assessment; the EM United Arab Emirates Islamic Index comes last. Alexakis et al (2017) explore the long-term relationship between Islamic and conventional stock market indices by adopting the technique of co-integration and finding that the Islamic index is the least reactive in times of crisis and showing the robust nature of the Islamic portfolio with the potential to benefit from diversification. Rizvi and Arshad (2018) stipulate that Islamic indices perform better but do not find abnormal returns one on a global scale. They also have a lower systematic risk compared to conventional benchmarks, with advantages in terms of portfolio diversification. According to Paltrinieri and Kutan (2019), investors can gain diversification benefits by including Islamic instruments in their asset allocation strategies, such as socially responsible instruments. In particular, they study co-integration and dynamic correlations by analyzing a sample of 17 Islamic, SRI, and conventional stocks that reveals co-movements between Islamic, SRI, and conventional indices with mutual causality when looking at the index world. They also compare the results with some macroeconomic variables such as oil prices and the VIX index. Kamil et al. (2020) found that Islamic equity portfolios operate with a smaller investment universe due to the screening of non-Shariah compliant stocks. It has been theoretically argued that this results in sub-optimal portfolio diversification, which in turn negatively affects risk-adjusted returns. They offer empirical evidence that such a portfolio diversification is far from a foregone conclusion, at least empirically.
Load more

Recommended publications
  • Energies Vertes Et Efficacité Énergétique
    Chambre Française de Commerce et d’Industrie du Maroc www.cfcim.org 51e année Numéro 938 15 juin - 15 juillet 2012 Dispensé de timbrage autorisation n° 956 ConjonctureLE MENSUEL DES DÉCIDEURS L’invité de ConjonCTURE M’HaMED SAGOU Energies vertes et efficacité énergétique ECHOS MarOC Indicateurs économiques et financiers induStriE Comment optimiser ses profits ? ManagEMEnt Conseils pratiques pour réussir son recrutement L’actualité vue par le Service économique de l’Ambassade de France Le Coin des Adhérents : Nouveaux Adhérents CFCIM - Opportunités d’affaires - Emploi Editorial Conjoncture « Une nouvelle formule plus moderne et plus pratique » Joël Sibrac Président Nouvelle maquette, nouvelles rubriques, nouvelle organisation : votre revue Conjoncture a profité du printemps pour se faire « relooker » en profondeur. Un travail de fond mené par l’équipe de Conjoncture, Comité de rédaction en tête, afin de répondre au plus près à vos attentes et d’ancrer la revue dans un environnement informationnel en constante évolution. Comme vous pourrez le constater en feuilletant ce premier numéro « nouvelle formule », Conjoncture a adopté une mise en page moderne, aérée, qui facilite la lecture. Sur le fond, la revue est désormais divisée en trois parties : une première dédiée à l’actualité de votre Chambre et à la conjoncture marocaine et internationale. Elle est suivie par le « Zoom du mois », en milieu de revue, qui traite d’une problématique sectorielle ou transversale de l’économie marocaine. Enfin, la nouvelle rubrique « Regards d’experts » vous donne la parole pour faire profiter de votre expertise l’ensemble de notre communauté d’adhérents. En bref, Conjoncture se présente désormais comme une véritable « boîte à outils » à dispositionCEFOR entreprises des dirigeants qui nous font confiance.
    [Show full text]
  • Weather Investment
    Invest in the MEDA region, why, how ? Algeria Egypt / Israel / Jordan / Lebanon / Libya / Morocco / Palestinian Authority/ Syria / Tunisia / Turkey PAPERS & STUDIES n°22 April 2007 Collective work driven by Sonia Bessamra and Bénédict de Saint-Laurent Invest in the MEDA region, why how ? References This document has been produced within the context of a mission entrusted by the European Commission to the Invest in France Agency (AFII), assisted by the Istituto Nazionale per il Commercio Estero, ICE (Italy) and the Direction des Investissements, DI (Morocco), to develop a Euro‐Mediterranean Network of Mediterranean Investment Promotion Agencies (« ANIMA»). The n°of the contract is: ME8/B7‐4100/IB/99/0304. ISBN: 2‐915719‐28‐4 EAN 9782915719284 © AFII‐ANIMA 2007. Reproduction prohibited without the authorisation of the AFII. All rights reserved Authors This work is the second edition of a synopsis guide realised with contributions from various experts working under the ANIMA programme, especially for the writing of the project web site pages. The following authors have participated in the two editions: In 2006, Sonia Bessamra (free‐lance consultant) and Bénédict de Saint‐ Laurent (AFII) have fully updated the content, assisted by Pierre Henry, Amar Kaddouri, Emmanuel Noutary and Elsa Vachez (ANIMA team, translation, revisions); The former 2004 edition, which provides the guide frame, was directed by Bénédict de Saint‐Laurent (ANIMA, co‐ordination, synopsis, rewriting, data), Stéphane Jaffrin (ANIMA, on line implementation, some updates) and Christian Apothéloz (free‐lance consultant, co‐ordination), assisted by Alexandre Arditti, Delphine Bréant, Jean‐François Eyraud, Jean‐Louis Marcos, Laurent Mauron, Stéphanie Paicheler, Samar Smati, Nicolas Sridi et Jihad Yazigi (various thematic or country articles).
    [Show full text]
  • Volume VIII Issue 2(24) Summer 2013
    Journal of Applied Economic Sciences Volume VIII Issue 2(24) Summer 2013 I.S.S.N. 1843-6110 127 Journal of Applied Economic Sciences Editorial Board Editor in Chief International Relations Responsible Laura ŞTEFĂNESCU Pompiliu Constantinescu Managing Editor Mădălina CONSTANTINESCU Proof – readers Ana-Maria Trantescu - English Executive Editor Mihaela Galiceanu Redactors Cristiana Bogdănoiu Sorin Dincă Editorial Advisory Board Claudiu Albulescu, University of Poitiers, France, West University of Timişoara, Romania Aleksander Aristovnik, Faculty of Administration, University of Ljubljana, Slovenia Cristina Barbu, Spiru Haret University, Romania Christoph Barmeyer, Universität Passau, Germany Amelia Bădică, University of Craiova, Romania Gheorghe Bică, Spiru Haret University, Romania Ana Bobîrcă, Academy of Economic Science, Romania Anca Mădălina Bogdan, Spiru Haret University, Romania Jean-Paul Gaertner, l'Institut Européen d'Etudes Commerciales Supérieures, France Shankar Gargh, Editor in Chief of Advanced in Management, India Emil Ghiţă, Spiru Haret University, Romania Dragoş Ilie, Spiru Haret University, Romania Elena Doval, Spiru Haret University, Romania Arvi Kuura, Pärnu College, University of Tartu, Estonia Ion Viorel Matei, Spiru Haret University, Romania Piotr Misztal, Technical University of Radom, Economic Department, Poland Marco Novarese, University of Piemonte Orientale, Italy Rajesh Pillania, Management Development Institute, India Russell Pittman, International Technical Assistance Economic Analysis Group Antitrust Division,
    [Show full text]
  • Rapport Annuel 2017.Pdf
    RAPPORT ANNUEL 2017 COMPAGNIE D’ASSURANCES ET DE RÉASSURANCE Entreprise privée régie par la loi N°17-99 portant code des assurances 181, Bd d’Anfa - Casablanca -Maroc Tel: (212) 05 22 95 76 76 - Fax: (212) 05 22 36 98 12/14/16 www.atlanta.ma atlantamaroc atlanta_maroc 2 Compagnie d’assurances et de réassurance 3 SOMMAIRE MOT DU PRÉSIDENT IDENTITÉ & PROFIL Gouvernance & Management 1947 - 2017 : 70 ans en dates clés Nos valeurs et engagement Produits & Services Réseau de distribution ACTIVITÉS SECTEUR Marché de l’Assurance Marché Financier ACTIVITÉS ATLANTA ASSURANCES Interview avec M. Benchekroun Activités & Réalisations Atlanta Assurances ACTIVITÉS SOCIÉTALES Interview avec Mme Bensalah Labellisation RSE -CGEM Trophée Lalla Hasnaa « littoral durable » Partenaire leader du Pacte Mondial (PNUD Maroc) Activités sociétales RAPPORT FINANCIER Interview avec M. Tabine Résolutions 2017 États Comptables Rapports des commissaires aux comptes ANNEXE Réseau exclusif Atlanta Assurances 4 Compagnie d’assurances et de réassurance MOT DU PRÉSIDENT 5 Fiers de nos 70 ans d’histoire et de nos réalisations durant ces trois dernières années, le Groupe Atlanta s’inscrit dans cette même dynamique pour son plan stratégique 2018-2020. Mohamed Hassan BENSALAH Président-Directeur Général 6 Compagnie d’assurances et de réassurance L’année 2017 a été une année charnière pour Atlanta Assurances. Elle a marqué la fin de notre plan stratégique triennal Massar Attafaouk I, la préparation du plan Massar Attafaouk II, la célébration de notre 70ème anniversaire et le démarrage effectif de notre activité en Côte d’Ivoire. Ce contexte particulier impose un retour sur les réalisations de ces trois dernières années.
    [Show full text]
  • Kingdom of Morocco Final Prospectus.Docx
    THE KINGDOM OF MOROCCO U.S.$1,000,000,000 4.25% Notes due 2022 Issue price: 99.228% U.S.$500,000,000 5.50% Notes due 2042 Issue price: 97.464% The U.S.$1,000,000,000 4.25% Notes due 2022 (the “2022 Notes”) and the U.S.$500,000,000 5.50% Notes due 2042 (the “2042 Notes” and, together with the 2022 Notes, the “Notes”) to be issued by the Kingdom of Morocco (the “Issuer”, the “Kingdom” or “Morocco”), will mature and be redeemed at their principal amount on 11 December 2022, in respect of the 2022 Notes, and 11 December 2042, in respect of the 2042 Notes, unless previously purchased and cancelled. See “Terms and Conditions of the Notes—5. Redemption, Purchase and Cancellation”. The 2022 Notes will bear interest from and including 11 December 2012 (the “Issue Date”) at a rate of 4.25% per annum and will be payable semi-annually in arrear on 11 June and 11 December in each year. The first payment of interest in respect of the 2022 Notes will be made on 11 June 2013. The 2042 Notes will bear interest from and including the Issue Date at a rate of 5.50% per annum and will be payable semi-annually in arrear on 11 June and 11 December in each year. The first payment of interest in respect of the 2042 Notes will be made on 11 June 2013. Payments on the Notes will be made in U.S. Dollars without deduction for or on account of any Moroccan withholding taxes unless the withholding is required by law, in which case the Issuer will pay additional amounts in respect of such taxes, subject to certain exceptions as set forth in “Terms and Conditions of the Notes—7.
    [Show full text]
  • Annual Report 2007
    Annual Report 2007 WorldReginfo - 0dda50ba-2467-45d5-8e4b-97da50376e3d WorldReginfo - 0dda50ba-2467-45d5-8e4b-97da50376e3d In just a few years, Attijariwafa bank has performed the remarkable feat of meeting one challenge after another. Attijariwafa bank, which is market leader in all its business lines, is today considered as one of the key players in Morocco’s banking and financial services industry and in providing finance for the country’s keystone projects. Attijariwafa bank, with a healthy financial position and a risk management system meeting the highest international standards, has embarked on an ambitious yet well-planned international growth strategy. Given its ability to innovate and identify new niche growth opportunities, Attijariwafa bank is in the process of repeating overseas what it has achieved domestically and is fast becoming one of the most successful banks in the North and West African regions. Annual Report WorldReginfo - 0dda50ba-2467-45d5-8e4b-97da50376e3d 3 Contents WorldReginfo - 0dda50ba-2467-45d5-8e4b-97da50376e3d Chairman’s message 6 Governing bodies 8 Remarkable financial and commercial performance 2007 highlights 12 Attijariwafa bank in figures 14 An environment abounding in opportunities 16 Established leader in the domestic market Strong performance across the board Business activity indicators all positive 20 An effective commercial strategy 20 Keystone, value-creating projects 20 Contents Aggressive international strategy A watershed for Attijari bank Tunisie in North Africa 24 Encouraging acquisitions
    [Show full text]
  • KAMCO Research
    KAMCO Research MENA Markets Daily Report February 6, 2017 Index DTD YTD FY Country Benchmark Value Change 2017 2016 MENA Countries In this Report… Kuwait Price Index ▼ 6,686.92 (2.3%) 16.3% 2.4% Kuwait ………………………………….2 Kuwait Weighted Index ▼ 421.83 (0.8%) 11.0% (0.4%) Saudi Arabia ……………………….3 Kuwait KSX 15 Index ▼ 966.22 (0.4%) 9.2% (1.7%) UAE - Dubai ………………………….4 Saudi Arabia TADAWUL All Share Index ▼ 7,046.38 (0.7%) (2.3%) 4.3% UAE - Abu Dhabi ……………………5 UAE - Dubai DFM General Index ▲ 3,647.91 0.7% 3.3% 12.1% Qatar ……………………………………6 UAE - Abu Dhabi ADX General Index ▲ 4,490.01 1.0% (1.2%) 5.6% Bahrain …………………………………7 Qatar QE 20 Index ▲ 10,596.39 0.2% 1.5% 0.1% Oman ……………………………………8 Bahrain Bahrain All Share ▼ 1,302.25 (0.4%) 6.7% 0.4% Egypt ………………………………….9 Oman MSM 30 Index ▲ 5,808.43 0.1% 0.4% 7.0% Jordan…………………………… 10 Egypt EGX 30 ▲ 12,883.43 0.6% 4.4% 76.2% Tunisia ………………………………….11 Jordan ASE Index ▲ 2,160.76 0.0% (0.4%) 1.6% Lebanon ……………………………….12 Lebanon Blom Stock Index ▲ 1,238.28 1.7% 2.1% 3.7% Morocco……………………….. 13 Tunisia Tunisia Index ▲ 5,500.77 0.2% 0.2% 8.9% Syria ……………………………… 14 Morocco MASI ▲ 12,228.99 0.7% 5.0% 30.5% Syria DSE Weighted Index ▲ 2,445.00 3.4% 51.2% 31.7% Emerging Markets China SSE Composite Index ▲ 3,154.78 0.5% 1.6% (12.3%) Russia RUSSIAN RTS INDEX ($) ▲ 1,190.40 1.6% 3.3% 52.2% India SENSEX ▲ 28,435.07 0.7% 6.8% 1.9% Brazil BOVESPA Stock Index ▲ 64,953.93 0.6% 7.8% 38.9% Mexico BOLSA Index ▲ 47,225.10 0.3% 3.5% 6.2% Korea KOSPI Index ▲ 2,077.26 0.2% 2.5% 3.3% Taiwan TAIEX Index ▲ 9,540.63 0.9% 3.1% 11.0%
    [Show full text]
  • Impact of Ethical Screening on Risk and Returns: the Case of Constructed Moroccan Islamic Stock Indexes
    Munich Personal RePEc Archive Impact of Ethical Screening on Risk and Returns: the Case of Constructed Moroccan Islamic Stock Indexes BOUSALAM, Issam and HAMZAOUI, Moustapha Abdelmalek Essaädi University of Tangier 2 January 2016 Online at https://mpra.ub.uni-muenchen.de/68979/ MPRA Paper No. 68979, posted 23 Jan 2016 11:26 UTC Impact of Ethical Screening on Risk and Returns: the Case of Constructed Moroccan Islamic Stock Indexes Issam BOUSALAM∗a and Moustapha HAMZAOUIb a,bDepartment of economics, Faculty of law and economics, Abdelmalek Essaädi university of Tangier - Morocco [email protected] January 2, 2016 Abstract Despite the increasing attention given to Islamic investment, there is still existing few empirical papers that examined the performance and volatility of Islamic Funds and indices in comparison to their conventional unscreened counterparts. These studies provide mixed evidence with regards to risk and returns of Islamic funds and indices. This paper aims to expand the literature on this subject by studying the Moroccan case considering the recent introduction of Islamic finance in the country towards the end of 2015. Since there is still no Shariah compliant indices in Morocco, we first applied four Shariah screening methodologies of some of the world leading equity index providers (i.e. Dow Jones, FTSE, S&P and MSCI) to screen the public listed companies in Casablanca Stock Exchange for Shariah compliance. Next, we constructed four Islamic float-weighted indexes for which we modeled the dynamic volatility using an extension of the AutoRegressive Conditional Heteroskedasticity models, namely EGARCH(1,1). The findings show that the screening process resulted in a well diversified universe of Shariah compliant stocks (25.6%) to invest in.
    [Show full text]
  • Morocco – Fisap and Pdei Project Performance Evaluation Report *
    AFRICAN DEVELOPMENT BANK ADB/BD/WP/2005/81 12 August 2005 Prepared by: OPEV Original: French (distributed on 12/07/05) Translated by: CLSU (on 11/08/05) Probable Date of Presentation to the Committee Operations and Development Effectiveness FOR CONSIDERATION TO BE DETERMINED MEMORANDUM TO : THE BOARD OF DIRECTORS FROM : Cheikh I. FALL Secretary General SUBJECT : MOROCCO – FISAP AND PDEI PROJECT PERFORMANCE EVALUATION REPORT * Please find attached the above-mentioned document. Attach: cc: The President *Questions on this document should be referred to: Mr. G. GIORGIS Director OPEV Extension 2041 Mr. H. RAZAFINDRAMANANA Principal Post-Evaluation Officer OPEV Extension 2294 SCCD : G .G. AFRICAN DEVELOPMENT BANK BAD/OPEV/2005/14 JULY 2005 Original: French Distribution: Limited MOROCCO FISAP AND PDEI PROJECT PERFORMANCE EVALUATION REPORT OPERATIONS EVALUATION DEPARTMENT SCCD : G. G. TABLE OF CONTENTS Page ACRONYMS, PREFACE, RATINGS, BASIC PROGRAMME DATA, EXECUTIVE SUMMARY OF THE EVALUATION (i-xii) I. PROGRAMMES .....................................................................................................................1 1.1 Economic Context..........................................................................................................1 1.2 Formulation of Programmes ........................................................................................2 1.3 Objectives and Scope of the Evaluation.......................................................................2 1.4 Financing ........................................................................................................................3
    [Show full text]
  • Annual Report Presented to His Majesty the King
    ANNUAL REPORT PRESENTED TO HIS MAJESTY THE KING 2009 ANNUAL REPORT PRESENTED TO HIS MAJESTY THE KING 2009 ! GOVERNOR Mr Abdellatif JOUAHRI ! DIRECTOR GENERAL Mr Abdellatif FAOUZI ! GOVERNMENT REPRESENTATIVE Mr Abdeltif LOUDYI ! BANK BOARD The Governor The Director General Mr Abdellatif BELMADANI Mr Mohammed BENAMOUR Mrs Meriem BENSALEH CHAQROUN Mr Zouhair CHORFI Mr Bassim JAI-HOKIMI Mr Abdelaziz MEZIANE BELFKIH Mr Mustapha MOUSSAOUI R E P O R T ON THE FINANCIAL YEAR 2009 PRESENTED TO HIS MAJESTY THE KING BY MR ABDELLATIF JOUAHRI GOVERNOR OF BANK AL-MAGHRIB Your Majesty, In application of Article 57 of Law N° 76-03 on the Statutes of Bank Al-Maghrib promulgated by Royal Decree N° 1-05-38 of Shawal 20, 1426 (November 23, 2005), I have the honor to present to Your Majesty the report of the year 2009, the fifty-first financial year of the bank of issue. SUMMARY INTRODUCTION ......................................................................................................................................................3 PART 1: ECONOMIC, MONETARY AND FINANCIAL SITUATION 1.1 International environment ..........................................................................................................................13 1.2 National output ..........................................................................................................................................31 1.3 Labor market ...............................................................................................................................................44
    [Show full text]
  • Rapport BMCE 2008 1Er Partie.Indd
    contents >>> >>>> BMCE BANK 2007 43 » WorldReginfo - 4cf807b7-8f1a-4cd2-b58e-949c9d5d6250 Chairman’s Message Chaii rman’s’ s Messagge OTHMAN BENJELLOUN Chairman & CEO >> BMCE BANK 2007 « 2 BMCE BANK 2007 WorldReginfo - 4cf807b7-8f1a-4cd2-b58e-949c9d5d6250 BMCE BANK 2007 >> Like in previous years, the 2007 fi scal year witnessed The year of 2007 was also characterized by the launch similar outstanding commercial and financial of the promising and forward looking activities of performance, with an unprecedented pre-tax income, MediCapital Bank, our investment bank in London, that exceeding MAD 2 billion. eventually should represent the Group’s Coporate Bank for the totality of its internationalational activities in Europe, This situation is the result of the growth in banking Asia and Africa. activity throughout the bank’s various divisions: Retail Banking, Corporate Banking, investment and We aree determined to spare no single effort likely to international activities, or the synergies across the strengthenrengthen the financial base of BMCE Bank and to different entities of BMCE Bank Group both in Morocco enhance the national and international reputation of and overseas. a BankinBankingg and fi nancial GrouGroup,p, with an international ccalling,alling, and at the service of its customers and In the same way, these performance levels are indicativeicativee sshareholders,hareholders, ppermanentlyermanently ggearedeared to the lonlong-lastingg-lasting of the trust and confi dence placed in our strategy—aategy—a—a interests of Morocco’s economeconomyy and those of the strategy which has attracted many investorsors such asa AfriAfricancan cocontinent.ntinent. the Caja de Ahorros del Mediterraneo, now onee of BMCE Bank’s shareholders.
    [Show full text]
  • Download Guide Morocco 2012
    doing business in Leading research, exploration and exploitation of hydrocarbons and mines. Promoting the oil, gas and mineral resources of Morocco. Developing meaningful partnerships with international investors. Strengthening links with the world market. Contributing to economic and environmentally sustainable development. Contents doing business in Morocco 2012 Top 7 Reasons ��������������������������������������� 4 Top 80 companies (Center Gatefold) ��������38 Country Overview ���������������������������������� 6 Banking Penetration ���������������������������� 40 AMDI – Our services ������������������������������ 8 Banking ������������������������������������������������ 42 Investing in Morocco ��������������������������� 10 Capital Markets ������������������������������������ 48 Economic Outlook ������������������������������� 12 Insurance ��������������������������������������������� 50 Starting a Business ������������������������������ 14 Transport ���������������������������������������������� 52 Taxation ����������������������������������������������� 18 Infrastructure���������������������������������������� 56 Offshoring �������������������������������������������� 20 Mining �������������������������������������������������� 58 Aeronautics ������������������������������������������ 22 Agriculture �������������������������������������������� 60 Automotive ������������������������������������������� 24 Fisheries ����������������������������������������������� 62 Energy ��������������������������������������������������
    [Show full text]