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Saturday, May 25, 2024

Participatory Banks: Financing Up 34% in April – Central Bank

Financing granted by participatory banks increased by 34%, year-on-year, reaching over 20.7 billion dirhams in April, 2022, Bank Al-Maghrib (BAM), Morocco’s Central Bank said.

Financing is divided between real estate (17.3 billion dirhams), consumption (1.18 billion dirhams), equipment (2 billion dirhams), and cash (92 million dirhams), according to BAM monetary statistics for February 2021.

Commitments of participatory banks amounted to more than 7.18 billion dirhams with banks, mainly in the form of refinancing through the “Wakala bil Istithmar” (investment agency contract) product and demand deposits received from parent banks.

Checking and current accounts have risen by 32.4% to 5.9 billion dirhams, while investment deposits have reached 1.73 billion dirhams, BAM concluded.

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