The Central Bank of the United Arab Emirates (CBUAE) and Bank Al-Maghrib, Morocco's central bank, have signed two agreements to strengthen financial cooperation between the two countries. The agreements were signed by CBUAE Governor Khaled Mohamed Balama and Bank Al-Maghrib Governor Abdellatif Jouahri in Abu Dhabi. The agreements aim to promote cooperation in banking supervision, Islamic finance, and payment systems.
The first agreement focuses on enhancing cooperation in regulatory and supervisory matters, exchanging prudential information on banks and financial institutions, and coordinating surveillance practices. The two parties will also exchange expertise and strengthen institutional capacities, particularly in Islamic banking. This cooperation is expected to contribute to more efficient and effective cross-border financial transactions.
The second agreement aims to explore the possibility of interconnecting instant payment platforms, national payment card networks, and financial messaging systems between the two countries. This will facilitate the processing and settlement of cross-border transactions and enable the mutual acceptance of national payment cards. The agreement also covers the exchange of expertise in developing central bank digital currencies (CBDCs) for public use.
The agreements also cover cooperation in the development of CBDCs, including the study of possibilities for using these currencies in cross-border payments between the two countries. Additionally, the parties will collaborate on fintech, regulatory frameworks, and surveillance applicable to virtual assets, including crypto-assets and stablecoins. This cooperation is expected to promote innovation and efficiency in the financial sector.
Morocco has already conducted studies on issuing a central bank digital currency with the support of the World Bank and the IMF. In 2025, Bank Al-Maghrib conducted an experiment on peer-to-peer payment using a digital currency. Another experiment is underway in collaboration with the Central Bank of Egypt and the World Bank on cross-border transfers.
The Moroccan authorities are also working on regulating the use of crypto-assets. A draft law on crypto-assets has been submitted for consultation, which establishes a precise legal framework for the circulation of these assets. The draft law authorizes the marketing and issuance of this category of digital assets on the national market, subject to certain conditions.
The agreements between Morocco and the UAE are expected to strengthen financial cooperation and promote innovation in the financial sector. The two countries are committed to exchanging expertise and best practices in banking supervision, Islamic finance, and payment systems. This cooperation is expected to contribute to more efficient and effective cross-border financial transactions and support economic and commercial relations between the two countries.
Key points
- Morocco and the UAE have signed two agreements to enhance cooperation in banking supervision, Islamic finance, and payment systems.
- The agreements cover cooperation in the development of central bank digital currencies and the regulation of virtual assets, including crypto-assets and stablecoins.
- The cooperation is expected to promote innovation and efficiency in the financial sector and support economic and commercial relations between the two countries.
