New Financial Cooperation Between Morocco and the UAE
In a significant move to enhance financial collaboration, Bank Al-Maghrib, the central bank of Morocco, and the Central Bank of the United Arab Emirates have recently formalized two pivotal agreements. These accords, signed in Abu Dhabi by Bank Al-Maghrib Governor Abdellatif Jouahri and his Emirati counterpart Khaled Mohamed Balama, are designed to bolster banking supervision, improve Islamic finance cooperation, and facilitate smoother international financial transactions.
The first agreement focuses on regulatory cooperation, emphasizing the exchange of supervisory information among banks, coordination of prudential rules, and the sharing of expertise to develop institutional capabilities. Additionally, it aims to foster closer collaboration between Sharia governance bodies and to promote Sharia-compliant international financing, particularly for trade and infrastructure investments.
The second agreement seeks to enhance the interconnection of instant payment platforms, banking card networks, and financial messaging systems, thus facilitating cross-border operations and mutual acceptance of payment cards, all while adhering to the regulatory frameworks of both nations. This agreement also includes a commitment to exchange expertise regarding central bank digital currencies for cross-border payments, covering fintech innovations, virtual asset regulations, including cryptocurrencies and stablecoins, and associated consumer protection measures.
Governor Jouahri hailed these agreements as a landmark step towards improved regulatory coordination and more seamless international transactions, while Balama highlighted the UAE's commitment to expanding financial cooperation with Morocco, ultimately supporting a more effective and innovative financial sector and strengthening economic and trade relations between the two countries.
As reported by yabiladi.com.
