Morocco and the United Arab Emirates have signed two central bank agreements to explore linking their payment systems and deepen cooperation in banking supervision and Islamic finance, potentially paving the way for faster financial transactions between the two countries. The agreements were announced Saturday in Abu Dhabi.
Abdellatif Jouahri, governor of Bank Al-Maghrib, Morocco’s central bank, and his Emirati counterpart, Khaled Mohamed Balama, signed the memoranda at the UAE central bank’s headquarters, according to the Emirates News Agency, WAM.
The payments agreement will examine connecting instant-payment platforms, domestic card networks and financial messaging systems. The aim is to simplify cross-border processing and settlement and enable payment cards issued through domestic networks to be accepted in both countries, subject to regulatory requirements.
The institutions will also exchange expertise on central bank digital currencies designed for individuals and financial institutions, exploring their possible use in bilateral payments. Cooperation will extend to financial technology, oversight of crypto assets and stablecoins, and associated consumer protections.
The other memorandum focuses on banking regulation and supervision, including sharing information on banks and financial institutions, coordinating supervisory practices and strengthening institutional expertise. It also seeks closer coordination between the bodies overseeing compliance with Islamic finance principles.
Cross-border Islamic financing is another priority, particularly for trade and infrastructure investment. Jouahri said the agreements would strengthen the central banks’ partnership and open opportunities to accelerate transactions, including through research into digital currency payments between Morocco and the UAE.
Balama said the cooperation would support economic and commercial ties through shared supervisory expertise, Islamic financing solutions and greater connectivity between payment systems. The agreements establish a framework for exploring these links; the announcement did not provide a launch date for connected payment services.
