Bank Al-Maghrib and the Central Bank of the UAE (CBUAE) signed two memoranda of understanding in Abu Dhabi on 3 October 2026. One covers banking supervision and Islamic finance; the other covers linking the two countries’ payment and financial messaging systems, along with central bank digital currencies and virtual assets, the Emirates News Agency reported.
The details
The agreements were signed by CBUAE Governor Khaled Mohamed Balama and Bank Al-Maghrib Governor Abdellatif Jouahri at the CBUAE’s headquarters.
MoU 1: supervision and Islamic finance
- Exchange of supervisory information on banks and financial institutions.
- Coordination of supervisory practices, technical expertise and capacity building.
- Coordination between the two countries’ Shariah governance bodies for Islamic banking.
- Development of cross-border Shariah-compliant trade finance and infrastructure investment.
MoU 2: payments, CBDCs and virtual assets
- Exploring links between instant payment platforms, national card switches and financial messaging systems.
- Mutual acceptance of domestic payment cards, subject to regulatory approval.
- Knowledge exchange on retail and wholesale central bank digital currencies, including cross-border use cases.
- Cooperation on fintech and on regulating virtual assets, including crypto-assets and stablecoins.
Why it matters for Islamic finance
Morocco’s participatory banking sector is young; its first participatory banks opened in 2017. Cross-border Islamic finance requires confidence that a contract approved in one country will be treated the same way in the other. In the UAE, the CBUAE’s Higher Sharia Authority sets standards for all Islamic institutions. In Morocco, participatory banks are supervised by Bank Al-Maghrib, with Shariah opinions issued by the Higher Council of Ulema. Coordinating the two Shariah bodies should make it easier for banks to structure trade finance and infrastructure deals that work in both markets.
For Moroccan exporters and UAE investors, the payment MoU could eventually cut the cost and time of transfers, which today often pass through several correspondent banks. The UAE is also one of the most active Gulf markets for ESG sukuk, a possible source of Shariah-compliant infrastructure funding for Morocco.
What’s next
The MoUs set a framework, not live services. No launch dates or customer fees have been announced. Payment links will need technical testing, settlement design, anti-money-laundering controls and consumer protection rules in both countries before going live.
FAQ
Two central bank MoUs: one on banking supervision and Islamic finance, and one on payment system links, CBDCs and virtual assets.
Not yet. Mutual card acceptance is a goal of the agreement and still needs regulatory approval and technical work.
Source: Emirates News Agency (WAM), 3 October 2026.
