Abu Dhabi:The Central Bank of the United Arab Emirates (CBUAE) and Bank Al-Maghrib, the Central Bank of Morocco, have signed two Memoranda of Understanding (MoUs) aimed at enhancing cooperation in banking supervision and Islamic finance, as well as interlinking payment and financial messaging systems.
According to Emirates News Agency, the MoUs were signed by Khaled Mohamed Balama, Governor of the CBUAE, and Abdellatif Jouahri, Governor of Bank Al-Maghrib, at the CBUAE headquarters in Abu Dhabi.
The first MoU focuses on strengthening regulatory and supervisory cooperation, including exchanging information on banks and financial institutions, coordinating supervisory practices, and building institutional capacity. It also aims to enhance coordination among Shariah governance bodies for Islamic banking and develop cross-border Shariah-compliant financing.
The second MoU explores interlinking instant payment platforms and financial messaging systems to facilitate cross-border transactions and mutual acceptance of domestic payment cards. It also covers the development of central bank digital currencies (CBDCs) and cooperation on fintech and regulatory frameworks for virtual assets.
Khaled Mohamed Balama emphasized the UAE's commitment to expanding financial cooperation with Morocco, supporting mutual interests, and contributing to a more efficient financial sector.
Abdellatif Jouahri highlighted the MoUs as a significant step in consolidating the partnership and expanding coordination in supervision, regulation, and Islamic finance, thereby enhancing financial transactions and cooperation between the institutions.