Aljazeera's correspondent in Morocco said on Tuesday that Moroccan authorities had agreed to grant a foundation licence to the Islamic Civilisation Alternative Party to operate.
The decision was taken following weeks of negotiations between founders of the new party and the Interior Ministry.
This is the first time a party with a clear Islamic agenda has been given a licence to operate in Morocco.
The Islamist-leaning Tawhid and Islah Movement (Unity and Reform), initially banned, was eventually allowed into politics after changing its name to al-Adala Wa Tanmiya (Justice and Development Party) and dropping its purely Islamist agenda.
It is represented in the Moroccan parliament.
Other Islamic parties, including the Adl Wa al-Ihssane (Justice and Charity), are tolerated in the kingdom but not officially recognised by the government.