El Qaouaji: Crowdfunding in Morocco Faces Liquidity and Governance Challenges Despite Improving Indicators
In a press conference following the opening of the 23rd Islamic Financial Stability Forum in Rabat on Thursday, July 3, 2025, Abdellatif Jouahri, Governor of Bank Al-Maghrib, affirmed that the crowdfunding experience in Morocco is still in its early stages and faces significant structural challenges, primarily relating to liquidity issues, weak governance, and a scarcity of qualified professionals.
Jouahri noted that the actual launch of this type of financing only began after 2020, despite the first licenses being granted in 2017. He explained that Bank Al-Maghrib initiated opening up this sector in partnership with Moroccan banks that expressed readiness to engage in the experience.
He further clarified that every new product in the domain of crowdfunding requires the approval of the Higher Scientific Council, in a closely coordinated effort that has thus far resulted in the issuance of around 200 fatwas, through approximately 400 meetings organized in collaboration with the Ministry of Habous and Islamic Affairs.
Regarding digital indicators, the Governor revealed that the volume of crowdfunding reached approximately 35 billion dirhams, while demand deposits do not exceed 12 billion dirhams, indicating a financing gap that affects the stability of this financial system.
Jouahri emphasized that the liquidity crisis represents the biggest challenge facing crowdfunding banks, noting that Bank Al-Maghrib, in coordination with the Higher Scientific Council, has developed technical and legal solutions to address this issue, although they remain limited and unsustainable. He pointed to ongoing efforts to devise structural solutions such as issuing sovereign sukuk or allowing crowdfunding banks to issue their own sukuk to enhance their capital and finance their activities.
He stressed the urgent need to improve governance and establish specific strategies for crowdfunding banks, emphasizing that this should not be limited to major banks but should include all stakeholders eager to develop Islamic finance in Morocco.
In this context, the Governor highlighted the importance of Morocco’s full membership in the Islamic Financial Services Board, a global reference body in the field of Islamic finance. He noted that Morocco joined the board as an observer in 2007, then as a full member in 2012, regularly participating in its activities.
Jouahri regarded Rabat’s hosting of the forum as a significant opportunity to exchange experiences and perspectives on ways to enhance the sustainability of the crowdfunding financial system, indicating that this development extends beyond financing alone but also includes the insurance market, notably takaful insurance, which contributes to expanding the crowdfunding financial ecosystem.
He concluded by reaffirming that the institution continues to work on identifying challenges and addressing shortcomings, with a gradual improvement in indicators, through ongoing studies and research aimed at building an integrated environment for Islamic finance in Morocco.
