Casablanca Stock Exchange: Landmark OPCVM Reforms Usher in ETFs and Enhanced Product Suite for Global Allocators

Moroccan asset management evolution | ETF introduction | Sharia-compliant funds | emerging market passive strategies

The Autorité Marocaine du Marché des Capitaux (AMMC) has unveiled a transformative regulatory overhaul for Organismes de Placement Collectif en Valeurs Mobilières (OPCVM), set for full implementation in 2025 under Law No. 03-25—modernizing collective investment vehicles to align with international standards, injecting liquidity via Exchange-Traded Funds (ETFs), and unlocking diversified access for foreign institutional investors eyeing Morocco’s USD 102 billion equity ecosystem.

This “big bang” reform—adopted in June 2025—expands the OPCVM palette to catalyze domestic savings mobilization (actifs nets surging 150% to MAD 750 billion over the past decade), deepen Casablanca’s role as a regional financing hub, and attract offshore capital through cost-efficient, liquid instruments tailored for EM portfolios.

Core Innovations: ETFs and Beyond for Diversified Exposure

•  Exchange-Traded Funds (ETFs): A flagship debut, enabling intraday trading of index-replicating baskets on the Casablanca floor—offering low-fee gateways to MASI, MASI 20, and ESG benchmarks. With real-time pricing and market-maker support, ETFs promise superior liquidity for tactical allocations, mirroring global successes while amplifying Casablanca’s +31% YTD rally into passive vehicles ideal for index-tracking mandates.

•  Currency-Denominated OPCVM: Tailored for Non-Resident Moroccans (NRMs) and international funds, these forex-hedged structures facilitate seamless dirham diversification, mitigating FX headwinds (recent 0.8% USD softening) and broadening appeal for multi-currency EM strategies.

•  Sharia-Compliant Participative OPCVM: Fully aligned with fatwa-validated sukuk and ethical equities, targeting Islamic finance pools—up to 100% feeder into compliant masters—resonating with sovereign wealth and ESG funds amid Morocco’s green hydrogen and sustainable infrastructure boom.

•  Advanced Structures: Umbrella compartments, feeder/master funds, dedicated vehicles, and light-touch OPCVM (RFA) for qualified investors, enabling bespoke risk-return profiles from conservative fixed-income to high-conviction growth satellites.

Reinforced Guardrails: Risk Management and Supervision

AMMC’s expanded remit mandates prior asset manager approvals, rigorous portfolio disclosures, and liquidity stress tools—including 30-day redemption gates in crises—to shield unitholders. Diversification caps (max 20% single-issuer exposure, ex-sovereigns) and enhanced governance fortify resilience, positioning reformed OPCVM as low-volatility anchors for global fixed-income satellites.

Strategic Imperative for Institutional Investors

Nezha Hayat, AMMC President, emphasized ETFs’ role in “democratizing access to diversified baskets at minimal cost,” while ASFIM’s Sofia Skiredj hailed the “structuring evolution” contingent on forthcoming circulars for market-making and intraday valuation. Amid 2026’s MAD 114.8 billion capex pipeline and sub-3% deficit trajectory, these vehicles channel savings into real economy financing—offering foreign funds yield-competitive alternatives to core DM holdings, with Casablanca’s BBB- sovereign backstop.

For global allocators, the reforms crystallize Morocco’s ascent as North Africa’s passive investing vanguard: ETFs debut as MASI’s +31% YTD embeds alpha, Sharia options tap USD 3 trillion Islamic liquidity, and currency funds hedge reserves at MAD 429 billion. Early positioning ahead of 2025 launches promises first-mover advantages in a market primed for 15-20% AUM inflection.