Islamic Mortgage Loans Surge 13.5% in Morocco, Boosting Real Estate Market

In its latest dashboard on "bank loans and deposits", the Bank of Morocco indicated that Islamic housing finance in the form of "Mourabaha" increased by 13.5% compared to June 2023. Similarly, loans granted to households recorded an annual increase of 1.2%, resulting from a 1.3% increase in mortgage loans and a 0.5% increase in consumer loans.

During the second quarter of 2024, the interest rates applied to new loans recorded an increase of 5.45%, i.e. 5.34% for large companies and 5.68% for very small, small and medium-sized enterprises, informs Bank Al-Maghrib (BAM), adding that companies themselves estimated that access to bank financing was "normal" during the period.