The Central Bank of the UAE and Bank Al-Maghrib have signed two memoranda of understanding to expand cooperation on banking supervision and Islamic finance and explore links between the UAE and Moroccan payment infrastructures. The agreements are intended to improve the processing and settlement of cross-border transactions while deepening regulatory coordination between the two central banks. The supervisory agreement covers information sharing on banks and financial institutions, coordination of supervisory practices and regulations, institutional capacity building and closer cooperation among Islamic banking Shariah governance bodies. It also supports the development of cross-border Shariah-compliant financing for areas including trade and infrastructure. The payments agreement will examine interlinking instant payment platforms, national card switches and financial messaging systems, as well as enabling mutual acceptance of domestic payment cards. It also covers potential cross-border uses of retail and wholesale central bank digital currencies and cooperation on fintech, virtual assets, crypto-assets, stablecoins and consumer protection. The initiative broadens the CBUAE’s bilateral work on cross-border payment connectivity following its earlier payment system and CBDC cooperation with China.
Central Bank of the UAE and Bank Al-Maghrib sign agreements on supervision, Islamic finance and payment system links
The Central Bank of the UAE and Bank Al-Maghrib signed two agreements covering banking supervision, Islamic finance and cross-border payment connectivity. They will exchange supervisory information and explore links between instant payment platforms, card switches and messaging systems, alongside potential CBDC uses and cooperation on virtual-asset regulation.