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The two-day gathering brought together Shariah scholars, regulators and industry leaders from both nations along with representatives from other central banks to exchange insights on harmonising standards across Islamic banking. Discussions centred on strengthening Shariah governance frameworks while addressing regulatory challenges in cross-border financing such as trade and infrastructure projects. According to a joint statement the event also explored opportunities to align practices that support industry stability amid global expansion.[[1]](https://centralbank.ae/media/neqbsktd/cbuae-and-bkam-sign-two-mous-en.pdf)
Global Islamic finance assets reached $4.4 trillion in 2025 with the sector posting 13.4 per cent year-on-year growth according to the Islamic Financial Services Board. The GCC accounted for roughly 57.7 per cent of total Islamic banking assets which stood at $3.05 trillion worldwide that year. The IFSB assessment found that Islamic banking recorded a five-year compound annual growth rate of 10.6 per cent while Morocco posted one of the fastest regional expansions at 24.2 per cent.[[2]](https://www.icaew.com/library/industry-profiles/islamic-finance)
The Central Bank of the UAE and Bank Al-Maghrib used the forum to sign two memoranda of understanding that deepen supervisory cooperation and explore linkages between their payment systems the CBUAE said in a statement. The first agreement focuses on exchanging supervisory information coordinating regulations and building capacity in Shariah governance for Islamic finance. It also targets development of cross-border Shariah-compliant instruments particularly in trade finance and infrastructure investment.[[1]](https://centralbank.ae/media/neqbsktd/cbuae-and-bkam-sign-two-mous-en.pdf)
In the second memorandum the parties agreed to study interconnections between instant payment platforms national card switches and financial messaging systems to ease cross-border transactions. The pacts further call for collaboration on central bank digital currencies fintech frameworks and oversight of virtual assets including consumer protection measures. Khaled Mohamed Balama governor of the CBUAE stated through this cooperation we look forward to exchanging supervisory expertise developing Islamic finance solutions and exploring opportunities to strengthen links between payment systems contributing to a more efficient and innovative financial sector and supporting economic and trade relations between the two countries.[[3]](https://fintechnews.ae/33897/payments/cbuae-bank-al-maghrib-mou-payments/)
Abdellatif Jouahri governor of Bank Al-Maghrib joined the signing at CBUAE headquarters in Abu Dhabi on October 3 underscoring the pacts’ role in enhancing bilateral financial ties. The forum built on prior roundtables hosted by the UAE Higher Shariah Authority which has convened similar meetings to foster consistency across jurisdictions. Both institutions emphasised continued dialogue to adapt Shariah standards to evolving market needs while maintaining financial stability.[[4]](https://en.assahafa.com/morocco-uae-central-banks-ink-two-mous-on-banking-supervision-islamic-finance/)
The UAE maintains a comprehensive Islamic finance strategy aiming for Islamic banking assets of approximately $700 billion and sukuk issuance exceeding $180 billion by 2031 according to CBUAE targets. Morocco has expanded its Islamic banking window system in recent years contributing to the strong growth rates recorded in North Africa. Participants at the forum reviewed case studies on regulatory implementation and recommended regular follow-up gatherings to monitor progress on the newly signed agreements.
