3 October 2026
The Central Bank of the UAE (CBUAE) and Bank Al-Maghrib, the central bank of Morocco, signed two memoranda of understanding in Abu Dhabi on 3 October 2026. The first covers banking supervision and Islamic finance, including cross-border Shariah-compliant trade finance and infrastructure investment. The second commits the two regulators to explore linking their instant payment platforms, national card switches and financial messaging systems, so that domestic payment cards issued in one country can be accepted in the other. It also covers central bank digital currencies (CBDCs) and the regulation of crypto-assets and stablecoins. No launch date, fee schedule or list of participating banks was announced: a memorandum sets the framework for cooperation, not a working service.
Who signed and where
The documents were signed by Khaled Mohamed Balama, Governor of the CBUAE, and Abdellatif Jouahri, Governor of Bank Al-Maghrib, at the CBUAE headquarters in Abu Dhabi. According to the CBUAE statement, the aim is to strengthen bilateral cooperation and make cross-border financial transactions between the two countries more efficient.
The signing came one day after the CBUAE concluded a separate cooperation MoU with the Central Bank of Syria on 2 October 2026. That agreement covers payment systems, monetary policy, cash management, fintech, financial inclusion, credit information and supervision.
MoU 1: supervision and Islamic finance
Under the first memorandum the two central banks agree to:
- cooperate on regulatory and supervisory issues and exchange supervisory information on banks and financial institutions;
- coordinate supervisory practices and regulations, exchange expertise and build institutional capacity;
- strengthen coordination between their Shariah governance bodies for Islamic banking;
- develop cross-border Shariah-compliant financing, including trade finance and infrastructure investment.
The exchange of supervisory information allows the two regulators to share data on banks and financial institutions that operate in both markets. Coordination between Shariah governance bodies addresses a practical gap in Islamic banking: each country has its own Shariah governance framework, and the MoU sets a channel for the two to align. The release does not name specific instruments, banks or transactions.
MoU 2: instant payments, cards, CBDCs and virtual assets
The second memorandum aims to explore the possibility of interlinking three types of payment infrastructure in the two countries:
- Instant payment platforms, to speed up the processing and settlement of cross-border transfers.
- National card switches, to enable mutual acceptance of domestic payment cards.
- Financial messaging systems, which carry payment instructions between banks.
Any link must comply with the regulatory and supervisory requirements of both countries. The same MoU covers the exchange of expertise in developing retail and wholesale CBDCs, the exploration of ways to use them in cross-border payments between the UAE and Morocco, and cooperation on fintech and on regulatory and supervisory frameworks for virtual assets, including crypto-assets, stablecoins and the related consumer protection mechanisms.
The release does not name the systems to be connected. On the UAE side, the CBUAE instant payment platform is Aani, announced in October 2023 by Al Etihad Payments, a CBUAE subsidiary, as part of the Financial Infrastructure Transformation (FIT) programme. Aani lets users send money instantly with only the recipient phone number, 24 hours a day. Al Etihad Payments also operates Jaywan, the UAE domestic card scheme.
What the two governors said
Khaled Mohamed Balama said the MoUs reflect the CBUAE commitment to expanding financial and banking cooperation with Morocco. He said the bank looks forward to exchanging supervisory expertise, developing Islamic finance solutions and exploring stronger links between payment systems to support economic and trade relations between the two countries.
Abdellatif Jouahri called the signing an important step in consolidating the partnership between Bank Al-Maghrib and the CBUAE and expanding coordination in supervision, regulation and Islamic finance. He said the partnership is meant to develop cross-border financial transactions, accelerate their processing and explore the use of CBDCs in payments between the two countries.
A template the CBUAE has used before
The Morocco memoranda follow a format the CBUAE has applied with other central banks. On 3 June 2025 the CBUAE and the Central Bank of Kenya signed two MoUs: one on using local currencies to settle cross-border transactions, the other on exploring links between instant payment systems and national card switches. The Morocco package keeps the payments agenda and adds three areas: Islamic finance, CBDCs and virtual asset regulation.
In both cases the documents describe what the central banks will explore, not a launch date. A live link between two national payment systems is normally announced separately by the operators, with the list of participating banks.
What changes for UAE companies today
Nothing changes in procedure on 3 October 2026. The memoranda do not set new fees, limits or documents for payments to or from Morocco. Until the CBUAE or Al Etihad Payments announces a working link, transfers between the UAE and Morocco go through the existing bank channels, and card payments go through international card schemes.
Companies that already trade with Morocco, or plan to, can use the time to check a few points:
- how your UAE bank handles outgoing and incoming transfers with Moroccan banks: timing, fees and any extra compliance questions;
- whether your licence activities, contracts and invoices match the goods or services you sell to Moroccan counterparties, since banks check this on cross-border payments;
- whether you need Shariah-compliant trade finance, the area the first MoU names directly;
- which payment methods your Moroccan customers use, if you sell to Morocco online.
How Atlant Capital can help
We help companies and founders set up a working structure for trade between the UAE and markets such as Morocco. Our company setup team selects a licence and business activities that match the real trade flows, which banks review when they process cross-border payments. Our bank account opening service prepares the file for UAE banks and helps choose a bank with the right correspondent network and Islamic banking options. The process, documents and timelines are described in our UAE bank account opening guide. For another recent CBUAE change that affects how banks work with clients, see our review of the UAE Unified Banking Platform for golden source documents.
Conclusion
The two memoranda signed on 3 October 2026 cover supervision, Islamic trade and infrastructure finance, instant payments, mutual card acceptance, CBDCs and crypto-asset regulation between the UAE and Morocco. At this stage they are frameworks: no launch date, fees or participating banks have been published. For companies with Moroccan counterparties, the practical step is to follow announcements from the CBUAE and Al Etihad Payments and keep their banking documents in order.
Source: Fintech Gate.
FAQ
What did the UAE and Morocco central banks sign on 3 October 2026?
The Central Bank of the UAE and Bank Al-Maghrib signed two memoranda of understanding in Abu Dhabi. The first covers banking supervision, the exchange of supervisory information and cross-border Islamic finance for trade and infrastructure. The second explores linking instant payment platforms, national card switches and financial messaging systems, and covers CBDCs and virtual asset regulation.
Can UAE domestic cards already be used in Morocco?
Not through a national switch link yet. The second MoU aims to explore interlinking the two national card switches and enabling mutual acceptance of domestic payment cards, but no launch date was announced as of 3 October 2026. Until then, card payments between the two countries go through international card schemes.
Does the agreement change how UAE companies pay Moroccan suppliers?
No. The memoranda do not introduce new fees, limits or documents. Transfers between the UAE and Morocco continue through existing bank channels until the central banks announce a live link between their instant payment platforms.
Does the UAE and Morocco MoU cover stablecoins and crypto-assets?
Yes. The second MoU includes cooperation on regulatory and supervisory frameworks for virtual assets, including crypto-assets and stablecoins, and related consumer protection, plus the exchange of expertise on retail and wholesale CBDCs. It sets up cooperation between the two regulators and does not by itself change the rules for companies in either country.
