In short
- A sukuk is a certificate linked to an asset or its income.
- It pays from this income, not through classic interest.
- Morocco made its first sovereign issue in October 2018.
- A sukuk also carries risks.
How a sukuk works
In an ijara sukuk, a fund holds a right over an asset and rents it out. The rent is then distributed to the certificate holders. The idea is to link the return to a real asset.
Sukuk or bond: the differences
| Bond | Ijara sukuk | |
|---|---|---|
| Nature | Loan | Certificate linked to an asset |
| Return | Interest (coupon) | Share of rent |
| Link to an asset | Not necessarily | Yes |
| Similarity | Regular income and maturity | Regular income and maturity |
Morocco’s 2018 issue
According to Finances News Hebdo, Morocco issued a sovereign ijara sukuk of 1 billion dirhams on October 5, 2018, over 5 years. It was backed by a usufruct right over state real estate, through the FT Imperium Sukuk fund. The annual return was 2.66%.
Demand reached about 3.6 billion dirhams. The issue was reserved for resident investors, notably banks, insurers, pension funds and investment funds.
In July 2025, Le Nouvelliste reported that the governor of Bank Al-Maghrib mentioned a new issue under study. We have found no confirmation of a new issue as of the date of this article.
The risks
- Issuer or asset risk, depending on the structure.
- Price risk: like a bond, a certificate can lose value if resold before maturity.
- Liquidity risk: the market can be small.
- Access: not all issues are open to individuals.
The link with participative finance
In Morocco, participative finance refers notably to the business of participative banks. The sukuk meets their need for investments compatible with this framework. A product’s compliance is a matter for the competent bodies.
This guide explains a financial product. It gives no religious opinion and no advice. For a compliance question, consult the competent bodies and the product’s official documents.
Frequently asked questions
Is a sukuk guaranteed?
It depends on each issue. Any guarantee is described in the offer document.
Can an individual buy sukuk?
It depends on the issue. Your bank or brokerage firm can tell you what is available.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
