UAE, Morocco central banks sign pacts to bolster Islamic finance, interlink payment systems
The Central Bank of the United Arab Emirates (CBUAE) and Bank Al-Maghrib (Central Bank of Morocco) have signed two preliminary agreements to strengthen cooperation in banking supervision and Islamic finance, as well as interlink payment and financial messaging systems.
The Memoranda of Understanding aims to contribute to stronger cooperation and “enhancing the efficiency of cross-border financial transactions between the two brotherly countries,” a statement by the UAE’s Central Bank read.
The MoUs were signed by Khaled Mohamed Balama, Governor of the CBUAE, and Abdellatif Jouahri, Governor of Bank AlMaghrib, at the CBUAE headquarters in Abu Dhabi.
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