UAE and Morocco central banks sign two MoUs on supervision and payments
In short
The Central Bank of the UAE and Morocco's Bank Al-Maghrib signed two memoranda of understanding at the CBUAE headquarters in Abu Dhabi on 3 October, covering banking supervision and Islamic finance, and the possible interlinking of payment and financial messaging systems. The second MoU covers exploring links between instant payment platforms, national card switches and mutual acceptance of domestic payment cards, plus exchange of expertise on retail and wholesale central bank digital currencies and virtual asset regulation. The MoUs were signed by CBUAE Governor Khaled Mohamed Balama and Bank Al-Maghrib Governor Abdellatif Jouahri, WAM reported.
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The Central Bank of the United Arab Emirates and Bank Al-Maghrib, Morocco's central bank, signed two memoranda of understanding at the CBUAE headquarters in Abu Dhabi on 3 October 2026, the state news agency WAM reported. The MoUs were signed by Khaled Mohamed Balama, Governor of the CBUAE, and Abdellatif Jouahri, Governor of Bank Al-Maghrib. WAM said the agreements contribute to stronger bilateral cooperation and enhance the efficiency of cross-border financial transactions between the two countries. [ 1 , 2 ]
Under the first MoU, the two central banks will enhance cooperation on regulatory and supervisory issues and exchange supervisory information on banks and financial institutions. They will also coordinate on supervisory practices and regulations, exchange expertise and build institutional capacity, strengthen coordination among Shariah governance bodies for Islamic banking, and develop cross-border Shariah-compliant financing, including trade finance and infrastructure investment. [ 1 , 2 ]
The second MoU aims to explore the possibility of interlinking instant payment platforms, national card switches and financial messaging systems in both countries, to facilitate the processing and settlement of cross-border transactions and enable mutual acceptance of domestic payment cards, in line with each side's regulatory and supervisory requirements. It also covers exchange of expertise in developing retail and wholesale central bank digital currencies, exploration of their use in cross-border payments between the two countries, and cooperation on fintech and on regulatory and supervisory frameworks for virtual assets, including crypto-assets and stablecoins, along with related consumer protection mechanisms. [ 1 , 2 ]
Balama said the signing of the two MoUs with Bank Al-Maghrib reflects the CBUAE's commitment to expanding financial and banking cooperation, in remarks that both documents carry only in part. The two documents present the same text, with Aletihad republishing WAM's report and crediting the agency; neither states the time of the signing, and no Moroccan central bank account of the event is included. [ 1 , 2 ]
Why it matters
The two central banks are formalising cooperation on supervision and on payment links that, if built, would affect how money and card payments move between the UAE and Morocco. The second MoU is exploratory, so it signals intent on cross-border payments, central bank digital currencies and virtual asset rules rather than committed infrastructure. It also extends coordination on Islamic finance and Shariah governance across the two markets.
Key facts
- The Central Bank of the UAE (CBUAE) and Bank Al-Maghrib, Morocco's central bank, signed two memoranda of understanding at the CBUAE headquarters in Abu Dhabi on 3 October 2026. [ 1 , 2 ]
- The MoUs were signed by Khaled Mohamed Balama, Governor of the CBUAE, and Abdellatif Jouahri, Governor of Bank Al-Maghrib. [ 1 , 2 ]
- Under the first MoU, the two central banks will cooperate on regulatory and supervisory issues, exchange supervisory information on banks and financial institutions, exchange expertise and build institutional capacity, strengthen coordination among Shariah governance bodies for Islamic banking and develop cross-border Shariah-compliant financing including trade finance and infrastructure investment. [ 1 , 2 ]
- The second MoU aims to explore interlinking instant payment platforms, national card switches and financial messaging systems in both countries, to facilitate processing and settlement of cross-border transactions and enable mutual acceptance of domestic payment cards. [ 1 , 2 ]
- The second MoU also covers exchange of expertise on retail and wholesale central bank digital currencies, exploration of their use in cross-border payments, and cooperation on fintech and on regulatory and supervisory frameworks for virtual assets including crypto-assets and stablecoins, with related consumer protection mechanisms. [ 1 , 2 ]
- WAM reported that the MoUs contribute to stronger bilateral cooperation and enhance the efficiency of cross-border financial transactions between the two countries. [ 1 , 2 ]
- WAM quoted Balama as saying the signing reflects the CBUAE's commitment to expanding financial and banking cooperation with Bank Al-Maghrib. [ 1 , 2 ]
Confirmed by several sources
- The CBUAE and Bank Al-Maghrib signed two memoranda of understanding at the CBUAE headquarters in Abu Dhabi. [ 1 , 2 ]
- The MoUs were signed by CBUAE Governor Khaled Mohamed Balama and Bank Al-Maghrib Governor Abdellatif Jouahri. [ 1 , 2 ]
- One MoU covers supervisory cooperation, exchange of supervisory information, Shariah governance coordination and cross-border Shariah-compliant financing. [ 1 , 2 ]
- The other MoU covers exploring the interlinking of instant payment platforms, national card switches and financial messaging systems, plus central bank digital currency expertise and virtual asset frameworks. [ 1 , 2 ]
Still unclear
- The time of the signing in Abu Dhabi is not stated. Both documents give only the 3 October 2026 date and the publication times of their reports.
- Whether the payment systems of the two countries will actually be interlinked. Both documents say the second MoU aims to explore the possibility, so no link is confirmed as agreed or scheduled.
- The full text of Governor Balama's remarks. His quoted statement is cut off mid-sentence in both documents.
- Whether Morocco's central bank published its own account of the signing. Only UAE-based coverage is present, and one of the two documents republishes the other's text.