Sukuk Development in Morocco: Lessons from an International Benchmark

  • Wafia Nokairi Faculty of Legal, Economic, and Social Sciences Ain Chock of Casablanca, Hassan II University, Morocco, Entrepreneurship and Organizational Management Laboratory https://orcid.org/0009-0008-3547-3816
  • Said Lotfi Faculty of Legal, Economic, and Social Sciences Ain Chock of Casablanca, Hassan II University, Morocco, Applied Economics and Finance Laboratory
  • Inas Bennani Faculty of Legal, Economic, and Social Sciences Ain Chock of Casablanca, Hassan II University, Morocco, Applied Economics and Finance Laboratory https://orcid.org/0009-0002-4982-6578
DOI: https://doi.org/10.14505/tpref.v17.1(37).18

Abstract

Objective: This study aims to assess the feasibility of developing the Sukuk market in Morocco by conducting an international benchmarking analysis of mature markets such as Malaysia, Indonesia, the United Arab Emirates, Saudi Arabia, and Bahrain, as well as initiatives in the United Kingdom and France, to provide recommendations tailored to the context. Methodology: The research is based on a comprehensive review of secondary data, including reports and publications from recognized international organizations. A comparative analysis is conducted to identify key success factors and lessons applicable to the Moroccan market, given its limited experience, notably the first sovereign issuance in 2018. Conclusions: The results show that the development of Sukuk markets depends mainly on the clarity of regulatory frameworks, the presence of regular sovereign issuances, and the role of public actors. The international benchmark reveals that some of these elements can be mobilized in the Moroccan context, while other factors, particularly those related to market size and investor base, still constitute constraints to the development of the Sukuk market. Originality: This study provides a contextual analysis of the Moroccan Sukuk market, combining lessons learned from international best practices with practical recommendations for strengthening Islamic finance in Morocco. It highlights concrete strategies for regulators, financial institutions, and investors to promote market development. Limitations: The study is based on secondary data; empirical validation through market research and stakeholder interviews could further refine the recommendations. Practical implications: The findings can guide policymakers and financial actors in designing regulatory and financial innovations aimed at developing the Sukuk market. Social implications: The development of the Sukuk market can contribute to inclusive financing solutions and promote alternative investment options, thereby supporting broader economic growth in Morocco.

References

AAOIFI. (2020). Shari’ah standard no. 17: Investment sukuk. https://aaoifi.com/ss-17-investment-Sukuk/?lang=en
Al-Fakih, D. H. S., Zakaria, S., & Ismail, M. K. A. (2023). Liquidity M2, inflation, and sukuk issuance: Empirical evidence. https://doi.org/10.15405/epsbs.2023.11.82
Al-Khawarizmi Group. (2012). Les sukuks: Une nouvelle alternative de financement pour le Maroc. https://ribh.wordpress.com/wp-content/uploads/2013/02/alkhawarizmi_sukuk_report_2013.pdf
Alsaeed, K. S. (2012). Sukuk issuance in Saudi Arabia: Recent trends and positive expectations (Doctoral thesis, Durham University).
Alshamrani, A. (2014). Sukuk issuance and its regulatory framework in Saudi Arabia. Journal of Islamic Banking and Finance, 2(1), 305–333.
AlTaitoon, J., Adil, M., & Al Ansari, R. (2022). Sukuk perceptions and forecast study 2022: Navigating a new environment. Refinitiv. https://static.zawya.com/pdf/Islamic%20Finance%20Development%20Reports/Refinitiv%20IFG-Sukuk%20Perceptions%20and%20Forecast%20Study%202022.pdf
Amrani, M. B., & Hamza, F. (2017). Sukuk: Literature review. Journal of Social and Administrative Sciences, 4(1), 124–131.
Archer, S., & Abdel Karim, R. A. (Eds.). (2017). Islamic capital markets and products. John Wiley & Sons.
Asutay, M., & Hakim, A. (2018). Exploring international economic integration through sukuk market connectivity. Research in International Business and Finance, 46, 77–94. https://doi.org/10.1016/j.ribaf.2017.10.003
Bank Al-Maghrib. (2019). Rapport annuel présenté à Sa Majesté le Roi – Exercice 2019. https://www.bkam.ma/en/content/view/full/583446
British Embassy Bishkek. (2015). Islamic finance in the UK. UK Government. https://assets.publishing.service.gov.uk/media/5a806aaeed915d74e622e547/2015047_Is_Fin_A5_AW_ENG_WEB.pdf
CIFIE. (2012). Le Shari‘a board du CIFIE valide les 1ers sukuk français. https://www.cifie.fr/communique-09-08-2012/
Clifford Chance. (2010). Regulating sukuk in the UK: The new framework. https://www.cliffordchance.com/briefings/2010/01/regulating_sukukintheukthenewframework.html
Doaei, M., & Dehnad, K. (2024). Bibliometric analysis in sukuk market. https://doi.org/10.61186/ijf.2024.430707.1451
El-Gamal, M. A. (2006). Islamic finance: Law, economics, and practice. Cambridge University Press. https://books.google.com/books?id=2ElRUvoVRxYC
Febriana, D., Fitri, R., & Irfany, M. I. (2024). Factors influencing Indonesia’s sukuk index. Islamic Capital Market, 2(1). https://doi.org/10.58968/icm.v2i1.507
Giordano, J. (2022). The resilience and relevance of global sukuk. S&P Dow Jones Indices. https://www.spglobal.com/spdji/en/documents/education/education-the-resilience-and-relevance-of-global-sukuk.pdf
Grassa, R. (2024). Challenges facing Islamic finance in Western Europe. In Hassan et al. (Eds.), Islamic finance in Eurasia. Edward Elgar. https://doi.org/10.4337/9781035308705.00022
Grassa, R., & Hassan, M. K. (2015). Islamic finance in France. International Journal of Islamic Economics and Finance Studies, 1.
Hanefah, M. M., Noguchi, A., & Muda, M. (2013). Sukuk: Global issues and challenges. Journal of Legal, Ethical and Regulatory Issues, 16(1), 107–120.
Hussin, M. Y. M., Muhammad, F., Awang, S. A., & Sulaiman, A. A. (2012). Development of sukuk ijarah in Malaysia.
IFN Sustainable. (2023). Islamic sustainable finance & investment forum 2023 (ISFI): Post-event report.
IIFM. (2021–2024). A comprehensive study of the global sukuk market. https://www.iifm.net/Sukuk-reports
Jobst, A. A. (2007). The economics of Islamic finance and securitization. https://ssrn.com
Kaoutar, E. (2023). Développement du marché financier marocain. https://doi.org/10.5281/zenodo.8195933
Karumo, A. (2025). The opportunities and challenges of Islamic finance in Europe (Bachelor’s thesis, Aalto University).
Kılınç, Y. (2024). Finansman aracı olarak sukuk. Muhasebe ve Denetime Bakış, 24(72), 197–216. https://doi.org/10.55322/mdbakis.1414967
Labuan FSA. (2021). Market report 2021. https://www.labuanibfc.com
Low, C. H. (2024). Bond and sukuk trading in the digital age. https://doi.org/10.2139/ssrn.4845456
Maghreb Titrisation. (2022). Annual report on sukuk issuance in Morocco. https://www.maghrebtitrisation.ma
Maulida, R., & Febriani, E. (2021). Perkembangan obligasi syariah. Journal of Islamic Economics and Finance, 2(1), 15–28.
Mohammed Imad Ali, M., Hasan, A., & Ashurov, S. (2022). Enforceability in sukuk. IIUM Law Journal, 30(S2), 385–422. https://doi.org/10.31436/iiumlj.v30iS2.773
Mouselli, S., Salhani, A., & Bahlawan, R. (2024). Liabilities vs equity sukuk. https://doi.org/10.2139/ssrn.4861296
Mseddi, S. (2023). Sukuk and systematic risk. Borsa Istanbul Review, 23(3), 550–579. https://doi.org/10.1016/j.bir.2022.12.007
Muharam, H., Anwar, R. J., & Robiyanto, R. (2019). Sukuk market development. Business: Theory and Practice, 20, 196–207. https://doi.org/10.3846/btp.2019.19
Naifar, N., & Hammoudeh, S. (2016). Financial distress and sukuk returns. Pacific-Basin Finance Journal, 39, 57–69. https://doi.org/10.1016/j.pacfin.2016.05.016
Nasreen, S., et al. (2020). Co-movement between sukuk and stocks. Journal of Risk and Financial Management, 13(4), 63. https://doi.org/10.3390/jrfm13040063
Naz, S. A., et al. (2025). Sukuk, crises and growth. https://doi.org/10.1108/JBSED-06-2025-0204
Nur, S. (2024). Exploring sukuk market resilience. https://doi.org/10.2139/ssrn.4845489
Nurhanifah, N. V. (2024). Sukuk market development. https://doi.org/10.47134/wiep.v1i2.155
O’Brien-Mcqueenie, B., Ahmed, S., & Almaz, S. (2022). Islamic finance in Bahrain. In The Routledge Handbook of Islamic Finance (pp. 145–160).
OJK. (2021). Peraturan Otoritas Jasa Keuangan No. 7/POJK.04/2021. https://peraturan.bpk.go.id/Details/227181
Onagun, A. I. (2015). Sukuk in UAE economy. Journal of Islamic Banking and Finance, 32(4), 77–89.
Paltrinieri, A., et al. (2023). Bibliometric review of sukuk literature. International Review of Economics & Finance, 86, 897–918. https://doi.org/10.1016/j.iref.2019.04.004
Peraturan Menteri Keuangan Republik Indonesia. (2021). https://peraturan.go.id/id/permenkeu-no-211-pmk-05-2021-tahun-2021
Puspita, A. T. (2024). Sukuk development in Indonesia. https://doi.org/10.58968/icm.v1i1.444
Rafiki, A., et al. (2024). Strategic Islamic business and management. Springer. https://doi.org/10.1007/978-3-031-61778-2
Ryandono, M. N. H., et al. (2025). Cash waqf linked sukuk. Social Sciences & Humanities Open, 11, 101588. https://doi.org/10.1016/j.ssaho.2025.101588
Setiawan, R. A., & Suwandaru, A. (2024). Risk of Islamic securities. https://doi.org/10.1080/20430795.2024.2337359
Shahimi, N. A., et al. (2022). Sukuk mudarabah. https://doi.org/10.6007/IJARBSS/v12-i11/15254
Shalhoob, H. (2023). Green sukuk in Saudi Arabia. https://doi.org/10.22495/jgrv12i4siart15
Sidiq, M. Y., & Muliana, S. (2025). Sharia crypto regulation. https://doi.org/10.20885/JILDEB.vol1.iss1.art3
Statistik Indonesia. (2023). Statistical yearbook of Indonesia 2023. https://www.bps.go.id/en/publication/2023/02/28/18018f9896f09f03580a614b/statistical-yearbook-of-indonesia-2023.html
Steit, F. A., Hassan, M., & Abdel-Rehem, H. E. M. (2022). The Islamic sukuk and its importance.
Tahir, S., & Naz, F. (2024). Financial inclusion in sukuk. https://doi.org/10.4018/979-8-3693-1475-3.ch007
Usmani, M. T. (1998). An introduction to Islamic finance. Idaratul Ma'arif.
Yang, W.-E., et al. (2023). Government policies and green investment. Environmental Science and Pollution Research, 30(3), 8297–8316. https://doi.org/10.1007/s11356-022-22688-4
Zawya. (2012). The first French sukuk. https://www.zawya.com/en/business/the-first-french-sukuk-phxnayos
Ziarmal, A. (2025). Green sukuk and SDGs. https://doi.org/10.21154/elbarka.v8i1.11714
Zuhri, S., & Fadil, C. (2024). Sukuk in infrastructure development. https://doi.org/10.62207/bp15bb57
Published
2026-03-30
How to Cite
NOKAIRI, Wafia; LOTFI, Said; BENNANI, Inas. Sukuk Development in Morocco: Lessons from an International Benchmark. Theoretical and Practical Research in Economic Fields, [S.l.], v. 17, n. 1, p. 229 - 252, mar. 2026. ISSN 2068-7710. Available at: <https://journals.aserspublishing.eu/tpref/article/view/9398>. Date accessed: 05 apr. 2026. doi: https://doi.org/10.14505/tpref.v17.1(37).18.
Citation Formats
Issue
Vol 17 No 1 (2026): TPREF Volume XVII Issue 1(37) March 2026
Section
Articles

Non-Exclusive License under Attribution 4.0 International Public License (CC BY 4.0):

This ‘Article’ is distributed under the terms of the license CC-BY 4.0., which lets others distribute, remix, adapt, and build upon this article, even commercially, as long as they credit this article for the original creation. ASERS Publishing will be acknowledged as the first publisher of the Article and a link to the appropriate bibliographic citation (authors, article title, volume issue, page numbers, DOI, and the link to the Published Article on ASERS Publishing’ Platform) must be maintained.