Participatory Banks: Financing Up 54.9% in August – BAM –

Financing granted by participatory banks increased by 54.9%, year-on-year, reaching over 17.56 billion dirhams in August 2021, Bank Al-Maghrib (BAM), Morocco’s Central Bank said. Financing is divided between real estate (15.03 billion dirhams), consumption (1.1 billion dirhams), equipment (1.3 billion dirhams), and cash (31 million dirhams), according to BAM monetary statistics for August 2021. Commitments of participatory banks amounted to more than 6.28 billion dirhams, 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 42.8% to 4.67 billion dirhams, while investment deposits have reached 1.45 billion dirhams, BAM concluded.