Bank Al-Maghrib (BAM) stated that the financing granted by the participatory banks increased year-on-year by 52.4%, reaching more than MAD18 billion in September 2021.
BAM said finances are divided (MAD15.4 billion) for the real estate sector, consumption (MAD1.12 billion), equipment (MAD1.38 billion), and the treasury (MAD30 million), according to BAM monetary statistics for September 2021.
Commitments of participatory banks rose to about MAD6.32 billion with the banks, mainly in the form of refinancing through investment agency contract products and demand deposits received from parent banks.
Checking and current accounts have risen by 41.7% to MAD4.8 billion, while investment deposits have reached MAD1.57 billion, BAM concluded.
Previously, financing granted by participatory banks increased by 54.9%, year-on-year, reaching over 17.56 billion dirhams in August 2021.
Financing was divided between real estate (MAD15.03 billion), consumption (MAD1.1 billion), equipment (MAD1.3 billion), and cash (MAD31 million), according to BAM monetary statistics for last August.
In the second quarter of 2021, BAM said the economy’s growth rose by 15.2%, with an increase of 18.6% in agricultural value-added and 14.8% in non-agricultural activities. The statement said Morocco will end the year with a GDP rebounding by 6.2%.
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