UAE and Morocco Central Banks Sign Islamic Finance Pacts
The central banks of the United Arab Emirates and Morocco have signed two preliminary agreements to deepen cooperation on banking supervision, Islamic finance, and financial technology.
The memoranda of understanding were signed on October 3 in Abu Dhabi by Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Abdellatif Jouahri, Governor of Bank Al-Maghrib, Morocco’s central bank, according to the UAE’s WAM news agency.
What the pacts cover
- Cooperation on banking supervision between the two regulators
- Development of Islamic finance frameworks
- Interlinking payment systems and financial messaging — aimed at making cross-border transactions faster and more efficient
Why it matters
For ordinary people, the most tangible part is payments: better-linked systems between the UAE and Morocco could eventually mean cheaper, quicker transfers for workers, businesses, and families moving money between the two countries.
The Islamic finance component is also significant. Morocco has been building its participative (Islamic) banking sector in recent years, and closer ties with the UAE — one of the world’s most developed Islamic finance markets — could accelerate that growth through shared expertise and standards.
The agreements are preliminary, meaning detailed implementation will follow in the months ahead. AZ Official will track how the cooperation develops.
