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Chaabi Bank, a subsidiary of the People's Bank of Morocco, announced Monday the launch of the first current account in France with the principles of sharia, Islamic law, and plans to offer at the end of a mortgage meeting the same principles.

Specifically, the bank will not pay interest on deposits, which is the case in most French banks. It also separates these deposits from the remaining funds from the bank to only use it in products and funding consistent with the principles of Islamic finance.

The hotel will submit, in addition, to controls and audits carried out by "an independent committee of Muslim scholars" to ensure compliance with Islamic current account.


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