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Finance, banking and participatory finance

Banking risk, prudential regulation, financial markets and Islamic finance: understanding how Morocco's financial system changes, withstands shocks and funds the real economy.

This axis brings together the largest body of the laboratory's work. It studies Morocco's financial system in all its parts: conventional and participatory banks, the Casablanca Stock Exchange, microfinance and new technology players. The common thread is risk management and the system's ability to fund companies over time, especially SMEs.

Research questions

  • How do Moroccan banks measure and control operational, liquidity and systemic risk, and how does this affect their profitability?
  • What has been the impact of prudential reforms, notably the 2014 reform, on bank behaviour and performance?
  • Under what conditions can participatory finance (sukuk, mudarabah, musharakah) fund SMEs and support growth?
  • What do volatility, risk and indices reveal about the Moroccan stock market, including in times of crisis?
  • Do FinTechs, cryptocurrency and securitisation open new paths to inclusion and funding?

Themes and fields

Asset-liability management and interest-rate exposure of Islamic banks; money-market refinancing; internal control and anti-money-laundering (KYC and e-KYC); default and credit scoring in microcredit; Islamic stock indices; predicting SME financial distress; access to finance and crowdfunding; geofinance and cryptocurrency.

Approaches

The work relies on time-series econometrics (ARDL, VECM, multivariate GARCH models), scoring methods, empirical studies on banking and stock-market data, and increasingly deep learning to model volatility.

Contributing teams: EMFO, DDESSF, FACG and OSD.

Representative work