The BVC will soon be equipped with an index that complies with the precepts of Sharia

The Director of Market Operations at the Casablanca Stock Exchange, Ahmed Arharbi, said that the BVC will soon have an index that complies with the precepts of Sharia.

Quoted in the Stock Exchange’s activity report for 2021, the manager added that “to date, work is well advanced for the implementation” of this index which “will serve as a benchmark for the participatory management of investment funds and will promote the development of Takaful insurance contracts in favor of real estate Murabaha”.

The design of this type of indices revolves around one or more filters according to the requirements of the compliance committee, commonly called “Sharia Board” of the countries in question, he continued, noting that “in this As far as we are concerned, the project will be submitted shortly to the Superior Council of Ulemas, the only entity in Morocco authorized to validate the conformity of the index, like what has been done on the conformity of products marketed by Moroccan participating banks “.

At the same time, he recalled that indices are designed to measure the general performance of a market or a sector, adding that they have become essential instruments of portfolio management.

According to Mr. Arharbi, the design of new indices on the Casablanca Stock Exchange is an integral part of its strategy to develop its product and service offering, with the main objective of meeting the needs of operators. These indices are developed in close collaboration with the Scientific Committee for Indices.

In addition, the Director of Market Operations has indicated that the structuring project for the establishment of the futures market and the clearing house has taken its cruising speed during the year 2021 and has seen the culmination of several shares.

“For the Listing Platform, for example, all the developments formulated by the Stock Exchange have been delivered by our publisher and the tests are underway by the teams in the same way as for the developments of the internal modules. We have also initiated discussions with future trading and clearing members by organizing a presentation and awareness tour,” he said.

The goal, indicated Arharbi, is to share with them all the elements relating to the project (in particular the technical documentation) and answer all their questions.

Turning to the regulatory aspect, he specified that the draft general regulations of the futures market of the clearing house (CCP) have been reviewed by the Treasury and External Finance Department (DTFE) and the Market Coordination Body at Term, and the discussions around the formulated remarks started.

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