The central banks of Morocco and the United Arab Emirates have signed two memoranda of understanding to strengthen their cooperation in banking supervision and Islamic finance. The agreements were signed on October 4, 2026, in Abu Dhabi by Abdellatif Jouahri, Governor of the Bank of Morocco, and Khalid Mohammed Al Maari, Governor of the Central Bank of the United Arab Emirates. The agreements aim to enhance the exchange of information and coordination between the two banks.
The first memorandum of understanding focuses on enhancing cooperation in regulatory and supervisory matters. The two banks will exchange information on banks and financial institutions operating in their respective countries and coordinate their supervisory practices. They will also work together to develop Islamic finance and enhance the governance of Islamic banking. The agreement aims to promote cross-border trade and investment between the two countries.
The second memorandum of understanding aims to explore the possibility of linking the two countries' payment systems. The agreement seeks to facilitate the processing of cross-border transactions and enable the mutual acceptance of local payment cards. The two banks will also explore the use of central bank digital currencies for cross-border payments and cooperate in the field of financial technology.
The agreements were signed in the presence of senior officials from both countries. Jouahri emphasized that the agreements mark an important step in strengthening the partnership between the two central banks and will open up new avenues for cooperation in regulatory and supervisory matters. He also highlighted the potential for cooperation in the field of Islamic finance.
Al Maari noted that the agreements reflect the strong relations between the two countries and their desire to enhance cooperation in the financial sector. He emphasized that the agreements will enable the two countries to benefit from each other's expertise and experience in the field of banking supervision and Islamic finance.
The agreements are expected to have a positive impact on the financial sector in both countries. They will enhance the stability and security of the financial system and promote economic growth and cooperation between the two countries. The agreements also reflect the growing importance of Islamic finance in the region.
The Bank of Morocco and the Central Bank of the United Arab Emirates have been working together to strengthen their cooperation in recent years. The agreements signed on October 4, 2026, mark a significant milestone in their cooperation and are expected to have a lasting impact on the financial sector in both countries.
Key points
- The agreements aim to enhance cooperation in regulatory and supervisory matters, Islamic finance, and cross-border payment systems.
