Latest news with #Jouahri
TimesLIVE
04-07-2025
- Business
- TimesLIVE
Morocco to resume sukuk issuance, says central bank governor
Morocco is preparing its second Islamic bond, or sukuk, issuance since 2018, Central Bank governor Abdellatif Jouahri said on Thursday. The central bank and the ministry of finance are reviewing the technical aspects of the issuance, Jouahri told reporters without offering details on the amount of the bond. The Higher Council of Ulema, Morocco's top religious authority, will assess whether the issuance complies with sharia, he said on the sidelines of the annual meeting of the Islamic Financial Services Board (IFSB), a Malaysia-based international standards-setting body that promotes Islamic finance. Morocco's first sukuk issuance in 2018 raised 1-billion dirhams (R1.95bn) and matured in 2023. The country permitted Islamic finance, locally known as participatory banking, in 2017 as part of a wider plan to bolster financial market liquidity and attract foreign investment.
Morocco World
03-07-2025
- Business
- Morocco World
Jouahri: Strengthening International Cooperation Key to Advancing Islamic Finance
Rabat – Abdellatif Jouahri, Governor of Bank Al-Maghrib (BAM), Morocco's Central Bank, called on Thursday in Rabat for enhanced international cooperation to further develop Islamic finance globally. Speaking at the 23rd Forum on Islamic Financial Stability, which was organized by BAM and the Islamic Financial Services Board (IFSB) under the theme 'Overcoming Challenges: Addressing Structural Vulnerabilities and Building Resilience Against Future Shocks,' Abdellatif Jouahri highlighted the critical challenges facing the sector. He identified four main challenges: Sharia compliance, liquidity management, sustainable financing, and risks related to digitalization. Addressing these issues, Jouahri emphasized, requires a stronger international partnership that respects global standards while acknowledging each country's unique context. Jouahri affirmed the increasing integration of Islamic finance within the global financial system, noting that the principle-based regulatory approach allows countries to adapt standards according to their specific needs. Morocco, for instance, has established a centralized fatwa system supported by the Supreme Council of Ulemas to ensure Sharia compliance of financial products, thereby enhancing public trust. Read also: Islamic Financing in Morocco Hits $2.4 Billion in 2023, Driven by Real Estate In Morocco, participatory finance now represents 2% of banking assets. Since 2015, Bank Al-Maghrib has worked closely with stakeholders to build a regulatory, institutional, and fiscal framework conducive to the sector's growth. This collective effort has resulted in a clear governance architecture guided by a coherent roadmap and the active involvement of the Supreme Council of Ulemas. Jouahri also praised the pivotal role of the IFSB in standard-setting, fostering cooperation, and facilitating dialogue among regulatory authorities. He noted the board's impressive achievements since its inception in 2003 and highlighted ongoing reforms aimed at aligning its mission with emerging challenges, strengthening member institutions, and providing sustained technical support. Jouahri concluded by describing the forum as a valuable platform to anticipate future challenges, share practical experiences, and explore ways to enhance the resilience of the Islamic finance sector. The IFSB's annual assemblies and related events, held from July 1 to 3, brought together central banks, regulatory and supervisory authorities, and sector participants from IFSB member countries. Supported by Bank Al-Maghrib, these meetings included the 46th IFSB Council meeting, the 23rd General Assembly, and the 23rd Financial Stability Forum. Over 130 IFSB members participated, including senior representatives from central banks, regulatory and supervisory authorities, and multilateral institutions across the financial sector. Tags: Abdelatif JouahriBAMIslamic finance in morocco
Ya Biladi
25-06-2025
- Business
- Ya Biladi
Moroccan banks seek EU agreement to continue services for Moroccans abroad
A meeting with the French Treasury is scheduled for July to finalize an agreement on the implementation of the European CRD VI directive, which prohibits foreign banks not established in the European Union (EU) from directly offering home-country banking services to clients residing in EU countries, announced Abdellatif Jouahri, Governor of Bank Al-Maghrib (BAM), on Tuesday in Rabat during a press briefing following BAM's second quarterly board meeting of 2025. Once validated by the European Commission, this agreement would open the door to discussions with other affected EU countries, particularly Spain, Belgium, the Netherlands, and Italy, to allow Moroccan banks to continue serving Moroccans living abroad and their families in Morocco, Jouahri said. He also recalled that a task force has been set up, bringing together the Ministry of Foreign Affairs, African Cooperation and Moroccans Living Abroad, the Ministry of Economy and Finance, BAM, and Moroccan banks, to defend Morocco's national interests. This team has intensified discussions with the European Commission, particularly with the department overseeing the matter, and engaged in detailed talks with the French Treasury, helping to clarify the strategic importance of this activity for Morocco, especially in terms of its balance of payments, he added. In this context, Jouahri noted that forecasts for remittances from Moroccans Residing Abroad (MRE) point to a slight decline in 2025, followed by a recovery in 2026. By then, the entire process, including clarifications and adjustments related to this banking activity, is expected to be finalized. Regarding monetary policy, Jouahri said that in light of inflation trends aligning with medium-term price stability goals, strong growth in the non-agricultural sectors, and anchored expectations, the board decided, given significant uncertainty in the outlook, to keep the key interest rate unchanged at 2.25%. The council will continue to closely monitor the transmission of recent rate cuts, particularly their impact on financing conditions for very small, small, and medium-sized enterprises (TPMEs), and will base future decisions on the latest available data.
Morocco World
25-06-2025
- Business
- Morocco World
Morocco, France to Protect Moroccan Banks Amid New EU Regulations
Morocco and France are moving toward a key agreement that could shield Moroccan banks operating in Europe from the full impact of a strict European Union (EU) directive – the Capital Requirements Directive VI (CRD VI) – which limits cross-border financial services from non-EU countries. According to the Governor of Bank Al-Maghrib (BAM) Abdellatif Jouahri, the deal is expected to be finalized in July. Under the European Banking Directive CRD VI, foreign financial institutions not authorized within the EU are banned from offering services remotely to clients residing in the EU bloc. Morocco is now working to secure exemptions or accommodations that would preserve its banks' ability to serve millions of Moroccans abroad. 'This meeting aims to preserve the intermediary role played by Moroccan banks in Europe,' Jouahri said Tuesday in Rabat, following the second quarterly meeting of BAM's board. The anticipated agreement with the French Treasury would mark a crucial first step. It must first receive the green light from the European Commission before Morocco can pursue similar arrangements with other key EU member states — notably Spain, Belgium, the Netherlands, and Italy. Interministerial Task force To facilitate this negotiation, a special task force has been formed, comprising representatives from the Ministry of Foreign Affairs, the Ministry of Economy and Finance, Bank Al-Maghrib, and major Moroccan banks. 'The objective is to allow Moroccan banks to continue serving Moroccans abroad and their relatives in the Kingdom,' Jouahri said, describing the cross-border banking service as 'strategic' for Morocco's financial stability and external accounts. The task force has already initiated technical talks with relevant EU officials, while also holding intensive discussions with French authorities. Jouahri emphasized that these exchanges have helped clarify the matter at stake 'These exchanges have led to a better understanding of the stakes this activity represents for Morocco,' he said, pointing to its implications for the balance of payments and the broader financial ecosystem connecting Morocco to its diaspora. Temporary setbacks Jouahri also addressed trends in remittances from Moroccans living abroad, forecasting a modest decline in 2025. 'We anticipate a recovery starting in 2026, once the regulatory adjustments are completed,' he noted. On the monetary policy front, BAM opted to keep its benchmark interest rate steady at 2.25%, citing ongoing uncertainty and a relatively stable economic backdrop. Inflation remains moderate, non-agricultural sectors are rebounding, and market expectations are broadly anchored. 'The board will continue to monitor the impact of its recent rate cuts, especially on financing for very small, small, and medium-sized enterprises,' Jouahri concluded. CRD VI is part of the EU's ongoing efforts to tighten financial regulation across member states. The directive includes provisions that restrict non-EU financial institutions from offering cross-border services to clients residing within the bloc unless they obtain local authorization. While aimed at reducing systematic risk, these rules pose challenges for countries like Morocco that rely on cross-border banking to serve their expatriates. Morocco's diaspora is one of the largest in Europe, with over 5 million Moroccans residing across France, Spain, Belgium, the Netherlands, and Italy. In 2024, remittances from Moroccans abroad reached a record $11.7 billion, accounting for approximately 8% of Morocco's GDP – a vital lifeline for families, local businesses, and rural development.
