The Central Bank of Morocco and the Central Bank of the United Arab Emirates have signed two memoranda of understanding to expand banking supervision and Islamic finance cooperation and explore links between their payment and financial messaging infrastructure. The agreements are intended to improve the processing and settlement of cross-border transactions while maintaining each country’s regulatory and supervisory requirements. The first agreement covers supervisory information sharing, coordination on regulatory practices, institutional capacity building and cooperation among Shariah governance bodies. It also supports the development of cross-border Shariah-compliant financing, including trade finance and infrastructure investment. The second provides for exploring links between instant payment platforms, national card switches and financial messaging systems, as well as mutual acceptance of domestic payment cards. Cooperation will also cover retail and wholesale central bank digital currencies, their potential use in bilateral cross-border payments, fintech, virtual asset frameworks and related consumer protections.
Central Bank of Morocco and Central Bank of the United Arab Emirates sign agreements on supervision, Islamic finance and potential payment system links
The Central Bank of Morocco and the Central Bank of the United Arab Emirates signed two agreements covering banking supervision, Islamic finance and cross-border payment infrastructure. They will explore links between payment and messaging systems, mutual card acceptance and the use of central bank digital currencies, while also cooperating on virtual asset regulation and consumer protection.