The Central Bank of the UAE (CBUAE) and Bank Al-Maghrib, the central bank of Morocco, have signed two Memoranda of Understanding aimed at deepening cooperation in banking supervision and Islamic finance and linking the two countries' payment and financial messaging systems.
The agreements were signed at the CBUAE headquarters in Abu Dhabi by CBUAE Governor Khaled Mohamed Balama and Bank Al-Maghrib Governor Abdellatif Jouahri. They are expected to make cross-border financial transactions between the two nations more efficient.
The first MoU focuses on regulation and supervision. Both institutions will share supervisory information on banks and financial institutions, coordinate on practices and regulations, and exchange expertise to build institutional capacity. They will also strengthen coordination between Shariah governance bodies for Islamic banking and work on cross-border Shariah-compliant financing, including trade finance and infrastructure investment.
The second MoU explores connecting instant payment platforms, national card switches and financial messaging systems in both countries. The goal is to speed up the processing and settlement of cross-border transactions and allow domestic payment cards to be accepted in both markets, in line with each country's regulatory requirements.
It also covers the exchange of expertise on retail and wholesale central bank digital currencies and how they could be used in payments between the two countries. Cooperation will extend to fintech and to regulatory frameworks for virtual assets, including crypto-assets and stablecoins, along with related consumer protection measures.
Balama said the agreements reflect the UAE's commitment to expanding financial cooperation with Morocco and will support a more efficient and innovative financial sector, as well as stronger economic and trade ties.
Jouahri described the MoUs as an important step in consolidating the partnership between the two central banks. He said they open up opportunities to accelerate cross-border transactions and explore the use of digital currencies in bilateral payments.
News Source: Emirates News Agency
