What margins (ribh) are Morocco's five participative banks applying? This detailed comparison covers Mourabaha for property, auto, and equipment, traces the evolution of margins since the launch of participative banking in 2017, and provides simulation data and negotiation tips.
Current Margins at the 5 Banks
| Bank | Property | Auto | Equipment | Max. Term |
|---|---|---|---|---|
| Umnia Bank | 4.50% | 5.80% | 6.50% | 25 yrs |
| Bank Assafa | 4.70% | 6.00% | 6.80% | 25 yrs |
| Al Akhdar Bank | 4.90% | 6.20% | 7.00% | 20 yrs |
| BTI Bank | 5.00% | 6.30% | 7.20% | 25 yrs |
| Najmah (BMCI) | 5.20% | 6.50% | 7.50% | 20 yrs |
* Indicative margins early 2026, standard profiles. Civil servant profiles may obtain 0.3–0.5 point reduction.
Mourabaha: Property vs. Auto vs. Equipment
Mourabaha margins vary significantly by asset type, reflecting different risk profiles and collateral quality:
- ✓Property Mourabaha (4.5–5.2%): lowest margins because the bank holds a mortgage guarantee on the property, providing strong collateral security
- ✓Auto Mourabaha (5.8–6.5%): mid-range margins; the vehicle depreciates rapidly, reducing collateral value over time
- ✓Equipment Mourabaha (6.5–7.5%): highest margins for consumer goods and household equipment; no durable collateral, higher default risk
Evolution Since 2017
When Morocco's five participative banks launched in 2017–2019, property Mourabaha margins ranged from 6.5% to 8% — significantly higher than conventional mortgage rates at the time. Competition between banks, growing market size, and Bank Al-Maghrib liquidity support have progressively reduced margins:
| Year | Average Property Margin | Conventional Rate | Gap |
|---|---|---|---|
| 2019 | 7.2% | 4.8% | +2.4 pts |
| 2021 | 6.0% | 4.2% | +1.8 pts |
| 2023 | 5.2% | 4.5% | +0.7 pts |
| 2026 | 4.7% | 4.5% | +0.2 pts |
Simulation on 1M MAD
| Bank | Margin | 25-yr Monthly | Total Cost | Total Margin Paid |
|---|---|---|---|---|
| Umnia Bank | 4.50% | 5,450 MAD | 1,635,000 MAD | 635,000 MAD |
| Bank Assafa | 4.70% | 5,580 MAD | 1,674,000 MAD | 674,000 MAD |
| Al Akhdar Bank | 4.90% | 5,710 MAD | 1,713,000 MAD | 713,000 MAD |
* Simulation: 1,000,000 MAD Mourabaha amount, 25-year term. Use our simulator for personalised results.
How to Negotiate Your Margin
- ✓Get competing offers first: come to each bank with written offers from competitors — they will often match or beat them
- ✓Offer a higher down payment: 20–30% down payment instead of 10% significantly reduces the bank's risk and justifies a lower margin
- ✓Apply as a civil servant: the PPR guarantee can reduce margins by 0.3–0.5 points
- ✓Bring your full banking relationship: transferring your salary account to the participative bank often unlocks better terms
Frequently Asked Questions
Are Mourabaha margins fixed or can they change?
The Mourabaha margin is fixed at the time of contract signing and cannot be changed for the life of the contract. This is one of its key advantages over variable-rate conventional loans, where the rate can rise if Bank Al-Maghrib increases its key rate.
Can I repay a Mourabaha early?
Yes, but the terms vary by bank. Some participative banks apply a rebate (ibra') on the remaining margin when you repay early — meaning you may pay less than the original total sale price. Others apply it differently. Always ask about early repayment conditions before signing.
Will Mourabaha margins continue falling?
The trend since 2017 is clearly downward as competition increases and participative banks reach greater scale. With the gap between Mourabaha and conventional rates now under 0.5 points, further large decreases are unlikely, but gradual convergence is expected through 2027.
Sources and References
- 1. Bank Al-Maghrib — Participative banking annual supervision reports (2017–2026)
- 2. Conseil Supérieur des Oulémas — Fatwa database for participative finance products
- 3. GPBM — Moroccan banking sector statistics
Comparez les offres gratuitement
Utilisez nos simulateurs et comparateurs pour trouver le meilleur taux de crédit ou d'assurance au Maroc. 100% gratuit, sans engagement.