Three successive tranches subscribed
Morocco's Treasury proceeded in 2025 with three sovereign Sukuk issuances of 'Sukuk Al-Ijara' type (public asset lease-sale structure): 1.5 billion MAD in April, 2 billion in July, and 1.5 billion in November. Respective maturities: 5 years, 7 years and 10 years. All issuances were oversubscribed between 2.4x and 3.1x, demonstrating solid institutional appetite.
Competitive yields vs classic Treasury bonds
Yields obtained were competitive vs classic Treasury Bills (BDT): Sukuk 5-year 3.45% vs BDT 5-year 3.52% (spread -7 bps), Sukuk 7-year 3.65% vs BDT 7-year 3.78% (spread -13 bps), Sukuk 10-year 3.85% vs BDT 10-year 4.05% (spread -20 bps). Negative spread widens with maturity, reflecting a scarcity premium for long-term Sharia-compliant assets.
2026 program: doubled to 10 billion MAD
Morocco's Ministry of Finance announced late April 2026 the Sukuk issuance program for the year: 10 billion MAD across 4 tranches (3 + 2.5 + 2.5 + 2 billion MAD between March and October 2026). First tranche already issued March 18: 3 billion MAD on 10-year maturity.
Impact on participatory banks
Sovereign Sukuk arrival represents a revolution for Morocco's 5 participatory banks. Before 2025, they were forced to place liquidity surpluses with Bank Al-Maghrib in non-remunerated current accounts. Now they can invest reserves in Sukuk at 3.4-3.9% yields, directly improving their net margin.
Article based on official public data + wafir.ma expert sources. All cited statistics are verifiable with the mentioned organizations.
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