Banks in Morocco: A Complete Guide to Commercial and Islamic Financial Institutions
Morocco boasts a well-structured banking sector, comprising commercial and participatory (Islamic) banks regulated by the Bank Al-Maghrib. The industry plays a central role in the country’s economy, offering services ranging from retail banking to investment and development finance.
Below is a detailed list of banks in Morocco as of the most recent update in 2024.
Commercial Banks in Morocco
Attijariwafa Bank
One of the largest banks in Africa by Tier 1 capital, Attijariwafa Bank is headquartered in Casablanca and part of the Al Mada holding group. It operates across North, West, and Central Africa.
Banque Centrale Populaire (BCP)
BCP is a cooperative banking group with regional subsidiaries such as Banque Populaire du Centre-Sud, Fes-Meknès, Laayoune, Marrakech, Rabat, and Tanger-Tétouan. It plays a key role in financing small enterprises and cooperatives.
Bank of Africa – BMCE Group
Formerly known as BMCE, the Bank of Africa is a major pan-African financial group owned by Moroccan billionaire Othman Benjelloun. It offers retail, corporate, and international banking services.
Crédit du Maroc
Previously part of Crédit Agricole France, Crédit du Maroc now operates under Groupe Holmarcom. It provides diversified banking products across consumer and corporate segments.
BMCI – Banque Marocaine pour le Commerce et l’Industrie
BMCI is a subsidiary of BNP Paribas and delivers comprehensive financial solutions including personal loans, asset management, and trade finance.
Société Générale Marocaine de Banques (SGMB)
The Moroccan arm of Société Générale Group, SGMB provides a full suite of services including retail banking, wealth management, and SME support.
Banque Populaire Regional Subsidiaries
These include the Banque Populaire de Rabat-Kénitra, Nador-Al Hoceima, Oujda, and other regions, all operating under the BCP umbrella.
CIH Bank – Crédit Immobilier et Hôtelier
Focused historically on real estate and tourism financing, CIH has expanded to offer full banking services. It is now part of the CDG (Caisse de Dépôt et de Gestion) group.
Crédit Agricole du Maroc (CAM)
This state-owned institution is dedicated to agricultural development and rural financial inclusion. It has a strong branch network in remote areas.
Banque Marocaine du Commerce Extérieur (BMCE)
Now operating under Bank of Africa, BMCE was a historic player in Morocco’s international trade financing sector.
CFG Group
A smaller, investment-oriented institution offering private banking, portfolio management, and corporate advisory services.
CDG Capital
A subsidiary of Caisse de Dépôt et de Gestion, CDG Capital serves the institutional and corporate finance markets.
Fonds d’Équipement Communal (FEC)
A public bank focused on financing municipalities and public infrastructure.
Citibank Morocco
The Moroccan branch of Citigroup provides corporate banking, treasury, and global markets services.
Banque Al-Amal
Partly owned by BCP, Banque Al-Amal provides retail and SME services.
Banco Sabadell
The Spanish-based financial group maintains a limited corporate presence in Morocco.
Union Marocaine de Banques (UMB)
Currently under temporary administration, UMB is undergoing restructuring due to regulatory concerns.
Mediafinance (Now BCP Securities Services)
Previously an independent finance firm, it was absorbed into the BCP Group and rebranded.
Participatory (Islamic) Banks in Morocco
In Morocco, Islamic banks are referred to as “participatory banks.” They operate under Sharia-compliant financial rules.
Umnia Bank
Jointly developed by CIH Bank and Qatar International Islamic Bank, Umnia is a pioneer in participatory finance in Morocco.
Bank As-Safa
Affiliated with Attijariwafa Bank, this Islamic bank offers Murabaha, Ijara, and other halal financial products.
Al Akhdar Bank
A subsidiary of Crédit Agricole du Maroc, Al Akhdar Bank provides rural-focused Islamic banking solutions.
Bank Al Yousr
A subsidiary of Banque Populaire, Bank Al Yousr delivers participatory banking options like Islamic savings and investment plans.
Bank Al-Tamweel wa Al-Inma
Offers Islamic investment and financing products, focusing on ethical financial growth.
Top Moroccan Banks by Tier 1 Capital (2023 Ranking – African Business)
- Attijariwafa Bank – Ranked 6th in Africa
- BCP Group – Ranked 8th
- Bank of Africa – Ranked 11th
- Société Générale Morocco – Ranked 24th
- BMCI – Ranked 35th
- Crédit du Maroc – Ranked 43rd
- CIH Bank – Ranked 49th
- FEC – Ranked 58th
Conclusion
The banks in Morocco reflect a well-diversified financial landscape, combining global institutions, cooperative networks, and Sharia-compliant options. Whether you’re a consumer, investor, or business, Morocco offers a robust and evolving banking environment tailored to modern financial needs.
