Morocco: Islamic banks and finance
Checked on October 12, 2026
Morocco introduced participatory banks through Banking Law 103-12 of 2014; Bank Al-Maghrib granted the first licences in January 2017, and every product requires a conformity opinion from the Sharia Committee for Finance of the Higher Council of Ulema. In 2026 ACAPS counts eight participatory banks and windows: five banks (Umnia Bank, Bank Al Yousr, Al Akhdar Bank, Bank Al Karam, formerly BTI Bank, and Bank Assafa) and three windows of conventional banks. Takaful insurance, governed by Law 87-18, has operated since four providers were licensed at the end of 2021, and the state issued its first sovereign sukuk in 2018. Financing is still dominated by murabaha home finance, with outstanding amounts above MAD 25bn at the end of January 2025.
The 12 providers
-
Umnia Bank
Participation bank- Group
- CIH Bank / QIIB
- Since
- 2017
- Supervision
- BAM
- Products
- Current account, Card, Savings, Home finance, Car finance, Insurance, Business
-
Bank Al Yousr
Participation bank- Group
- Groupe Banque Centrale Populaire / Guidance Financial Group
- Since
- 2017
- Supervision
- BAM
- Products
- Current account, Card, Savings, Home finance, Car finance, Insurance, Business
-
Al Akhdar Bank
Participation bank- Group
- Crédit Agricole du Maroc / ICD (groupe BID)
- Since
- 2017
- Supervision
- BAM
- Products
- Current account, Card, Savings, Home finance, Car finance, Insurance, Business
-
Bank Al Karam
Participation bank- Group
- Bank of Africa
- Since
- 2017
- Supervision
- BAM
- Products
- Current account, Card, Savings, Home finance, Car finance, Insurance, Business
Launched in 2017 as BTI Bank, the Bank of Africa group’s participatory subsidiary took the name Bank Al Karam in June 2023.
-
Bank Assafa
Participation bank- Group
- Attijariwafa bank
- Since
- 2017
- Supervision
- BAM
- Products
- Current account, Card, Savings, Home finance, Car finance, Insurance, Business
-
Dar Al Amane
Islamic window- Group
- Saham Bank
- Since
- 2017
- Supervision
- BAM
- Products
- Current account, Card, Savings, Home finance, Car finance, Insurance, Business
The participatory window of the former Société Générale Maroc, Dar Al Amane belongs in 2026 to Saham Bank, the bank’s new name after its takeover by the Saham group.
-
BMCI Najmah
Islamic window- Group
- BMCI
- Since
- 2017
- Supervision
- BAM
- Products
- Current account, Savings, Home finance, Car finance, Business
In 2026 BMCI’s Najmah window offers murabaha financing and ijara muntahia bittamlik (lease ending in ownership).
-
Arreda
Islamic window Activity to be confirmed- Group
- Crédit du Maroc
- Since
- 2017
- Supervision
- BAM
A participatory window licensed in 2017; no dedicated page was found on Crédit du Maroc’s website in October 2026, although ACAPS still counts eight participatory banks and windows.
-
Wafa Takaful
Takaful insurer- Group
- Wafa Assurance (groupe Attijariwafa bank)
- Since
- 2022
- Supervision
- ACAPS
- Products
- Insurance, Savings
Licensed by ACAPS on 28 December 2021 (decision published in the Official Bulletin on 27 January 2022) for life, takaful investment and property lines.
-
Al Maghribia Takaful
Takaful insurer- Since
- 2022
- Supervision
- ACAPS
- Products
- Insurance
A takaful operator licensed at the end of 2021 and, in 2026, the partner of the Dar Al Amane window for financing-related cover.
-
Taaouniyate Taamine Takafuli
Takaful insurer- Group
- MAMDA-MCMA
- Since
- 2022
- Supervision
- ACAPS
- Products
- Insurance, Savings
A Rabat-based takaful mutual licensed on 28 December 2021 for life, takaful investment and property lines.
-
Takafulia Assurances
Takaful insurer- Since
- 2022
- Supervision
- ACAPS
- Products
- Insurance, Savings
Before you commit
- Ask for the names of the Shariah board members and their published rulings on the product.
- Check that the provider is authorised by the country’s regulator.
- Compare the total cost, not just the monthly payment: the calculators in this section can help.
- Read the contract: who owns the property, who bears the risk, late-payment charges and where they go.