Morocco

Active marketChecked 2026-11-14 · confidence high

Law 103-12 sets up participative banks, which may not pay or receive interest. Bank Al-Maghrib lists Bank Assafa among its participative banks in its 2025 supervision report, and Bank Assafa's own site sells named products such as Assafa Sakane (home finance by murabaha).

Five checks

Banking rulesFound

Title III of Law 103-12 on credit institutions creates participative banks. Their activities must not involve receiving or paying interest. The Conseil supérieur des Ouléma issues the binding opinions the law requires. Conventional banks may run participative windows with a licence from the Bank Al-Maghrib governor.

  • “Les activités et opérations visées ci-dessus ne doivent pas donner lieu à la perception et/ou le versement d'intérêt.”
    Bank Al-Maghrib · 2022-03-31
  • “émet les avis conformes prévus au présent titre.”
    Bank Al-Maghrib · 2022-03-31
Licensed banks and windowsFound
  • Bank Assafa · full bankAssafa SakaneAssafa BinaaAssafa Sayarat
  • Al Akhdar Bank · full bank
  • Bank Al Yousr · full bank
  • Bank Al Karam (formerly BTI Bank) · full bank
  • Umnia Bank · full bank
  • Arreda · window
  • Dar Al-Amane · window
  • Najmah · window
  • Daama Tamwil CCG · other
  • “BANK ASSAFA 19, Boulevard Abdelmoumen - Casablanca”
    Bank Al-Maghrib · 2025 financial year
  • “atteignant 48,6 milliards de dirhams à fin 2025, après 38,9 milliards de dirhams en 2024”
    Bank Al-Maghrib · 2025 financial year
  • “dont 1 doté d'une fenêtre de garantie participative”
    Bank Al-Maghrib · end-2024 data
  • “ASSAFA SAKANE dite mourabaha sakane est un contrat par lequel la banque acquiert, à la demande d’un client, un bien immobilier”
    Bank Assafa
  • “La banque participative 100% marocaine”
    Bank Assafa
  • “Bank Al-Tamweel wal Al-Inma S.A (the “Bank”) in Morocco, currently named Bank Al Karam”
    Al Baraka Group · 2023-07-27
Sukuk issuedFound
  • Kingdom of Morocco (sovereign Ijara sukuk certificates, issued through a securitisation fund) · 2018 · MAD 1bn, 5 years (Finances News, 13 Oct 2018, citing the Finance Ministry). Clifford Chance cites MAD 1.1bn as the State guarantee amount.
  • “les certificats de Sukuk, objet de l’émission, sont de type Ijara et ont porté sur un montant de 1 milliard de dirhams”
    Finances News Hebdo · 2018-10-13 · secondary
  • “has decided to launch a Sukuk certificate issuance program”
    Clifford Chance · 2018-10-04 · secondary
Takaful (non-interest insurance)Found

Press reports say the regulator ACAPS approved a takaful subsidiary of La Marocaine Vie and a takaful window at the Société Centrale de Réassurance in January 2022, and that five takaful approvals had been issued by February 2022. Bank Assafa's own site lists takaful products it distributes, such as Assafa Takaful Dari. The ACAPS site could not be reached, so no regulator list was read.

  • “La filiale Takaful de La Marocaine Vie a reçu son agrément de la part du régulateur du secteur.”
    Le360 · 2022-02-02 · secondary
  • “La Société centrale de réassurance (SCR) a de son côté reçu un agrément pour une fenêtre Takaful.”
    Le360 · 2022-02-02 · secondary
  • “a déjà délivré 5 agréments à des compagnies spécialisées”
    Finances News Hebdo · 2022-02-17 · secondary
  • “Assafa Takaful Dari”
    Bank Assafa
Capital market rulesNot checked

Not confirmed at a primary source. Press reports say Law 69-17 (adopted 27 March 2018) amended securitisation Law 33-06 to add sukuk certificates, with conformity opinions from the Conseil supérieur des Ouléma. The AMMC site refused connections, so its rules on sukuk and participative funds were not read.

Recent developments

  1. 2025 (financial year)Bank Al-Maghrib's 2025 supervision report shows participative banks and windows grew total assets to MAD 48.6bn at end-2025, from MAD 38.9bn in 2024. Its table for these banks shows zero sukuk certificates held in 2023, 2024 and 2025. source
  2. 2023-07-27Al Baraka Group completed the sale of its stake in BTI Bank to Bank of Africa. The bank now trades as Bank Al Karam. source

Still open

Points we could not confirm at source yet.

  • 2025 sovereign sukuk: one non-primary site (wafir.ma) reports three 2025 Ijara tranches (MAD 1.5bn, 2bn, 1.5bn). Hespress said in July 2025 that an issue was still being studied. Bank Al-Maghrib's 2025 report shows participative banks held zero sukuk certificates at end-2025. No finance ministry release was found. Not recorded.
  • Any sovereign or corporate sukuk between 2018 and 2025 was not verified.
  • The parent banks of the windows Arreda, Dar Al-Amane and Najmah were not confirmed at a primary source.
  • Products of Al Akhdar Bank, Bank Al Yousr, Bank Al Karam and Umnia Bank were not read; their sites were unreachable.
  • Takaful operator list was not read at ACAPS.
  • AMMC rules on sukuk and participative funds (Law 69-17) are press-reported only.
Where we searched
  • bkam.ma: Law 103-12 consolidated PDF, 2025 banking supervision report PDF (annex list read), banking system structure page (all downloaded and text-checked)
  • bankassafa.com: home page and three product pages (downloaded and text-checked)
  • finances.gov.ma: connection timed out from this host on 14 Nov 2026 (curl and WebFetch)
  • ammc.ma: connection refused (curl and WebFetch)
  • acaps.ma: not reachable (403 in the earlier pass)
  • Bank sites: umniabank.ma (503 maintenance); alakhdarbank.ma, btibank.ma, bankalkaram.ma (no connection); alyousr.ma (Cloudflare challenge, not bypassed)
  • albaraka.com (Al Baraka Group release on BTI Bank, read)
  • Press: Finances News, Le360, Clifford Chance, La Vie éco, Boursenews; wafir.ma and medias24.com returned challenge pages (not bypassed)
  • Web search for a 2025 sovereign sukuk at a primary source (none found)