Morocco's financial sector continued its expansion in 2025, with total assets rising to MAD 3.83 trillion ($3.83 trillion Moroccan dirhams), an 11.2% increase from the previous year, underscoring the sector's growing role in supporting the country's economic development and financial resilience.
According to the 13th Annual Financial Stability Report, jointly published by Bank Al-Maghrib (BAM), the Moroccan Capital Market Authority (AMMC) and the Insurance and Social Welfare Supervisory Authority (ACAPS), the combined assets of the banking, insurance and social welfare, and capital market sectors represented 223% of Morocco's gross domestic product (GDP) in 2025.
The banking sector remained the backbone of Morocco's financial system, accounting for 61% of total financial sector assets, maintaining its dominant position despite the steady expansion of other segments of the market.
The report highlighted the continued growth of Morocco's capital market, driven largely by the expansion of undertakings for collective investment in transferable securities (UCITS). As a result, the capital market's share of total financial system assets increased to 25%, up from 23% in 2024, reflecting stronger investor participation and deeper market activity.
At the same time, the financial sector's weight on the Casablanca Stock Exchange declined, with its share of total market capitalization falling to 34.55% from 39.06% a year earlier. The listed financial sector comprises seven banks, five insurance companies, and five finance companies.
The report said the decline does not signal weaker financial institutions but rather reflects the growing diversification of Morocco's stock market, as companies from a broader range of industries increasingly turn to capital markets to raise financing. The trend points to a more balanced equity market and a gradual broadening of investment opportunities beyond the traditionally dominant financial sector.
