UAE Central Bank and Bank Al-Maghrib Sign MoUs to Strengthen Banking Supervision and Payment Connectivity
UAE Central Bank and Bank Al-Maghrib Strengthen Cooperation on Banking and Digital Payments
The Central Bank of the UAE and Bank Al-Maghrib, Morocco’s central bank, have signed two memoranda of understanding aimed at expanding cooperation in banking supervision, Islamic finance and cross-border payment systems.
The agreements were signed in Abu Dhabi by Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Abdellatif Jouahri, Governor of Bank Al-Maghrib.
Under the first memorandum, the two central banks will enhance regulatory and supervisory cooperation by exchanging information and expertise related to banks and financial institutions. The agreement also covers supervisory practices, institutional capacity building and coordination between Sharia governance bodies in Islamic banking.
The two sides will also explore opportunities to support Sharia-compliant cross-border financing, including trade finance and infrastructure investment.
The second memorandum focuses on strengthening financial connectivity between the UAE and Morocco. It includes exploring the potential integration of instant payment platforms, national card payment switches and financial messaging systems to facilitate the processing and settlement of cross-border transactions.
The agreement also seeks to enable mutual acceptance of domestic payment cards, subject to the regulatory and supervisory requirements of both countries.
In addition, the central banks will exchange expertise on the development of central bank digital currencies for individuals and institutions and explore potential applications for cross-border payments.
The cooperation will also cover fintech, regulatory frameworks for virtual assets—including crypto assets and stablecoins—and consumer protection mechanisms related to these technologies.
The agreements are intended to strengthen financial cooperation between the UAE and Morocco while supporting more efficient cross-border transactions and encouraging the development of digital financial services.