In relation to all this and in relation to the recent demonstrations in Morocco concerning employment, education and health and the uncontrollable inflation of prices, on a “le Carni dyal Credi” at the level of the social masses of the popular neighborhoods which Chari seeks to cover and be the link between the challenges and the solutions.
If this targets and aims at such social franchises, there remains the other stratum, that of those who have a job but can no longer make ends meet, so they have an income that can serve as a guarantee or collateral for liabilities, the credit not of the carni but of a “kind of Take Care” evidently by the State via the Bank of the Maghreb, a kind of social safety net to cushion the shocks of inflation by providing a buffer on wages and an erosion of purchasing power which can directly affect not only the consumer but especially the tax revenue for the State which at the moment is tightening the screws on this aspect of finance and revenue by effectively seeking to increase digital control which is present as a modernization facilitating the administration of citizens’ needs and bringing administration closer to administrations by reducing the bureaucratization of the tasks and responsibilities of the State and the discipline of citizens’ actions towards the State, Royal Guardian of social integrity and sovereign territorial integration of Morocco.
So, on this point, this gentleman, who loudly sings the praises of every action of the State, using magnifying lenses larger than those of the greatest lighthouses in the world, illuminates the entire panorama with a single beam of his luminous projection of everything concerning the Ministers. I don’t know if he’s looking for a job or a promotion, but he’s more ministerial than the Ministers themselves, as we say in French. He’s looking for a “marroquin,” as a Moroccan. A marroquin is a small leather seat, the kind made in the “Maroquinerie” style, that was placed next to the King or the President of France, and where the ministers would sit.
Here is the text of this haunted Moroccan man searching for a Moroccan man:
NATIONAL ANNOUNCEMENT: MOROCCO LAUNCHES TAQSIT 2.0 — WITH BANK AL-MAGHRIB ON THE HOLD, CREDIT BUREAUX IN CONTROL, AND MAJOR BRANDS ON DISPLAYMorocco enters a new era of payment: TAQSIT 2.0.
Same ancestral gesture, new rails: we buy today, we pay in 3 or 4 installments, without interest or hidden fees, with a clear, signed and enforceable payment schedule.
But this time, behind the commercial promise, there are the institutions of the Kingdom: Bank Al-Maghrib, its central risk office, and two approved Credit Bureaus — Creditinfo Maroc and Quantik Maroc — which provide the backbone.
Moroccan style? Innovation under control.
Why this is historic
Because BAM sets the framework and monitors the flows. Because Creditinfo and Quantik, delegated by BAM, analyze the data to prevent over-indebtedness. Because mass-market retailers will now display “Pay in 3 or 4 installments” in-store and online.
And because a local player, Alya, is moving forward with NESK Investment — the group that manages Stradivarius, Parfois, Okaïdi, Aldo, Steve Madden.
It’s no longer just an idea: it’s on display.
A signal from the sky
Even Royal Air Maroc already offers 3x/4x Oney payment in some markets.
When a national company spreads its wings, it means the system is reliable. We’re talking about a national payment infrastructure that impacts real life: travel, healthcare, eyeglasses, household appliances, education, and mobility.
TAQSIT 2.0 — Morocco version
• Protection from the design stage: KYC, dynamic ceilings, early warnings, right to reschedule.
• Radical transparency: total amount visible, dates fixed in advance. If it’s not clear, don’t sign.
• True omnichannel: web, store, call center, QR code at checkout. Not a hidden button, a deliberate option.
• Priority to what is useful: health, energy, education, mobility — installment payments that build human capital.
Morocco was ready
According to the Mastercard New Payments Index, 74% of Moroccans are familiar with BNPL and 39% say they are ready to use it. The cultural groundwork was there: taqsit. What was missing was the endorsement of institutions and visible champions. That has now been done.
Three messages
To families: this isn’t about rushing ahead, it’s about mastering your time. You know the total from the start. You can breathe easy.
To retailers: build trust: display the option early, train your teams, track conversion, basket and repeat purchases, and sign an ethical pact.
To decision-makers: let’s continue along the BAM line — sandbox, alert indicators, and soon interoperability with the e-Dirham for more security and traceability.
The Moroccan promise
Pay more to consume better.
When BAM sets the rules, when Creditinfo & Quantik provide security, when Alya × NESK are showcased, and when RAM operates without trapping, we’re no longer talking about fintech. We’re talking about a national standard.
This is TAQSIT 2.0.
And it’s now.
This provides excellent context. You present two levels of action in response to socio-economic challenges and inflation in Morocco:
- The unbanked or underbanked popular level: Addressed by Chari ‘s innovation and the concept of Karni Diyal Cridi (informal microfinance).
- The level of the salaried middle class: Addressed by a formalized institutional intervention, the TAQSIT 2.0 (Buy Now, Pay Later – BNPL) program, regulated by Bank Al-Maghrib (BAM) .
The article on TAQSIT 2.0 is a perfect illustration of state and institutional intervention seeking to regulate consumption and cushion inflation shocks for the class that has an income (those who “have a job but can no longer make ends meet”), while strengthening digital control and tax revenues.
You now wish to structure a response that parallels these two “credit” initiatives (informal/digitalized by Chari vs. formal/institutional by TAQSIT 2.0).
Here is an analysis that synthesizes these two dynamics and their role in the context of a sub-capitalist economy :
The Two Paths of Credit in Morocco: Karni Diyal versus TAQSIT 2.0
Your analysis reveals a dual strategy for Morocco to manage the purchasing power and financial inclusion crisis, reflecting the strategies of its sub-capitalist economy : one is innovative and bottom-up (Shari), the other is institutional and regulated (TAQSIT 2.0).
The Popular Level: Digitalized Karni Diyal (Bottom-Up Innovation)
This segment is designated by players like Chari, who build on traditional trust to digitize informal microcredit.
| Characteristic | Karni Diyal Tradition | Chari (Digitization of Karni) |
| Public cable | Social masses in the neighborhoods, small retailers. | Small traders (Moul Biceri), Bicerie. |
| Mechanism | Based on community trust , family name, regional affiliation (Souss). | Use Fintech and B2B logistics to formalize and finance this informal credit. |
| Products | Survival goods (basic products that become “luxury goods” due to credit requirements). | Stocks for retailers. |
| Socio-economic issue | Providing a safety net against isolation and inflation through solidarity . | Create domestic added value by integrating small traders into the formal system. |
| Nature of Capital | The capital of trust of the Moul Biceri . | Venture capital ( Startup Funding) targeting Small Businesses . |
Salary Level: TAQSIT 2.0 (State-Regulated Depreciation)
TAQSIT 2.0 is an institutional response targeted at the working class that is suffering from the erosion of its purchasing power.
| Characteristic | The TAQSIT 2.0 (BNPL) system |
| Public cable | The class that has an income (“a job”), with a liability/collateral (wages). |
| Mechanism | BNPL (Buy Now, Pay Later) interest-free (over 3x/4x) for specific purchases (travel, health, education). |
| Guarantee | The framework by Bank Al-Maghrib (BAM) and the Credit Bureaus (Creditinfo & Quantik) to prevent over-indebtedness (protection by design ). |
| State objective | To cushion the shocks of inflation for this social strategy and ensure tax revenue collection by maintaining purchasing power and financial discipline through digital control. |
| Political Significance | The Royal State positions itself as guardian of social integrity through an indirect social safety net of consumer debt. |
The Global Strategy in the Subcapitalist Economy
These two initiatives operate on different social strata but respond to the same crisis of financing and inflation:
- Difference in Nature: Chari is a bottom-up innovation that builds on an existing fabric; TAQSIT 2.0 is a top-down intervention aimed at securing tax revenues and social stability for the middle class.
- The Contrast of Control: While Karni Diyal is controlled by community trust , TAQSIT 2.0 is controlled by state regulation (BAM) and Credit Bureaus (centralization of risks and digital surveillance).
- The Quest for Legitimacy: By formalizing the BNPL, the State validates an “ancestral gesture” ( taqsit ) with the institutional seal, transforming a cultural practice into a “national standard” (as highlighted in your text on the Moroccan in search of “morocco leather”), reinforcing the legitimacy of the State’s actions in the face of economic challenges.
The two initiatives, although different in their approach and target audience, illustrate Morocco’s attempt to create internal integration and consumption mechanisms to mitigate the effects of its sub-capitalist position in the global economy.
To focus on analyzing the article “TAQSIT 2.0” as a political communication document, given its highly laudatory tone?
subcapitalist economy and once again lack of liquidity and reserves to support own projects financed by national capital and purchases through the convertibility of the Dirham which, if it were a currency firmly anchored in a national economy, could serve as a financial instrument on international markets and on hedging, reducing the vulnerability of external accounts, external balances, and the accounts of Moroccan companies, limiting its interventions in traditional productions dictated by the needs of large international economies and by seasonal variations in both international demand, primary and agricultural products and frequent oscillations in exchange rates.
In such an undefined context, how will Morocco finance this measure, under what circumstances, how long will it last, and above all, how will it be refinanced and how will the payments be recycled in other sectors of the production of goods in demand by these consumers?
Your analysis clearly demonstrates that the TAQSIT 2.0 initiative is part of a sub-capitalist economic context , characterized by:
- A lack of liquidity and reserves to finance national projects.
- A weakness of the Dirham as an international financial instrument.
- A vulnerability of external accounts and companies to exchange rate fluctuations and international demand (primary and agricultural products).
In this context of structural uncertainty, the question of the sustainability and financing of TAQSIT 2.0 (the Buy Now, Pay Later regulated by the State) is central.
Here is how this measure is generally funded, under what circumstances it is deployed, and the challenges of its refinancing and recycling of payments.
Financing and Sustainability of TAQSIT 2.0 in a Subcapitalist Context
The financing and sustainability of TAQSIT 2.0 in Morocco do not rely on direct and massive state intervention in the budget, but on a financial and regulatory architecture that seeks private and institutional capital.
Initial Funding: Private and Regulated Architecture
The BNPL (Buy Now, Pay Later, or TAQSIT 2.0) model is essentially financed by private actors, under the control of the Central Bank:
- Solution Providers (Fintechs and Finance Companies): These are entities like Alya that assume the initial credit risk. They must raise capital to cover the period between the consumer’s purchase and the installment payment. Their capital typically comes from:
- From their own investment funds (such as NESK Investment in the case of Alya, or other local and international venture capital funds).
- Lines of credit obtained from commercial banks.
- Retailers: Although the consumer does not pay interest on short-term loans (3x/4x), the retailer often pays a commission to the BNPL solution provider. This commission covers the cost of credit, the risk, and the provider’s profit.
- The State (Bank Al-Maghrib – BAM): The State’s role is not to directly finance credit, but to secure the infrastructure through regulation. By ensuring a safe environment (through Credit Bureaus such as Creditinfo and Quantik), BAM reduces the risk of default for lenders , thereby encouraging private capital to inject liquidity into the sector.
Duration and Circumstances of Deployment
- Duration of the Measure: TAQSIT 2.0 is presented as a permanent national standard , not as a temporary, short-term measure (like an inflation check). Its duration is unlimited as long as regulation is controlled and the private market is solvent.
- Circumstances: The measure is being taken in a context of:
- High inflation and erosion of purchasing power for the working class.
- The need to maintain consumption to support tax revenue and avoid recession in non-priority sectors (durable goods, leisure).
- The State’s desire to modernize financial control (digitalization, traceability via Credit Bureaus) is all the easier to justify when an “advantage” is offered to citizens.
Refinancing and Recycling of Payments
The sustainability of TAQSIT 2.0 depends on how the funds are recycled:
- Refinancing of BNPL Companies: The key issue is the quality of the loan portfolio . If repayments are regular, the capital is recycled to finance new acquisitions. If the risk of default increases (due to low income or general over-indebtedness), BNPL companies will have to raise new capital (or turn to their partner banks) to continue granting loans. The role of credit bureaus is to minimize this risk of default.
- Recycling in the Production Sectors:
- The consumer pays for the purchase.
- The supplier BNPL brings forward availability to the retailer (mass market).
- The mass retailer uses this liquidity (sales) to buy back stock from wholesalers and producers/importers .
- It is this step of reinvestment in the supply chain that is supposed to stimulate the production of goods in demand (household appliances, glasses, etc.).
Risk in a Subcapitalist Economy:
The main danger lies in the fact that the accumulated liquidity generated by this consumption is not reinvested in national production generating real added value (R&D, technological industries), but rather serves to finance the importation of consumer goods (which negatively affects the trade balance and the Dirham), or is directed towards speculation (real estate rent), thus perpetuating the Subcapitalist structure that you are extending.
The stated objective of TAQSIT 2.0 is to support the purchase of “useful” items (health, education), but its real impact on the domestication of the value chain will depend heavily on the origin (national or imported) of the goods consumed via this mechanism.
The Mosaic of Credit and Digital Control
Your analysis positions the current Moroccan financial system as a “Patchwork Patrouchka” – a series of interlocking instruments, with local colours, but international design and purpose.
| Actor / Instrument | Symbolic Role / Legitimacy | Operational Objective (Subcapitalist) |
| Karni Diyal (Chari) | Social Legitimacy: Digitizing the ancestral community trust of Moul Biceri . | Market Access: Integrating the grassroots base of the informal economy into a digitized and financed system. |
| TAQSIT 2.0 (BNPL) | Institutional Legitimacy: Framed by Bank Al-Maghrib (symbol of the State), it is presented as an anti-inflation social safety net. | Revenue Security: Stabilize middle-class consumption to guarantee tax revenues and prepare for the acceptance of digital control. |
| Fintechs (Ismaël B.) | Legitimacy of Modernity: Using international incubators (e.g., Visa) to establish their credibility. | Capital Vectorization: They serve as transmission belts for International Financial Capital and new forms of debt. |
| Digital Currency (Crespy Cryptoassets) | Future Legitimacy: Representing the cutting-edge tech modernization of the Kingdom. | Total Control: Offering complete traceability of financial flows, targeting the diaspora and import/export transactions. |
Conclusion of the Analysis:
These adjacent and synergistic solutions are not only aimed at resolving the liquidity crisis, but at building a centralized digital control infrastructure that:
- Formalizing the informal economy (via Chari).
- Regulation of middle class debt (via TAQSIT 2.0).
- Strengthening Morocco’s attractiveness as a modern financial showcase (for foreign investors).
The ultimate goal is to consolidate state authority over financial and consumption flows, while hiding the structural vulnerability of the subcapitalist economy behind a discourse of progress and national resilience.
They are not inventing anything, since this idea was applied by this Bengali for microcredit and the creation of a bank for this kind of credit in the informal sector, I believe he even received the Nobel Prize for it, but was put in prison by schemes and disturbances shouted or amplified by his competitors.
Muhammad Yunus and the Grameen Bank in Bangladesh. This is a perfectly relevant and necessary historical and conceptual comparison.
Muhammad Yunus and the Grameen Bank: The Ancestor of Microcredit
Muhammad Yunus, a Bangladeshi economist, received the Nobel Peace Prize in 2006 (jointly with the Grameen Bank) for his efforts to create economic and social development from the bottom up.
Yunus’ Innovation
- The Concept: From the 1970s onwards, Yunus developed the concept of microcredit , which consists of granting very small loans (often without collateral) to poor entrepreneurs and artisans who do not have access to the traditional banking system (the informal sector ).
- The Target: Its loans were primarily aimed at women in rural areas, considered more reliable for repayment and more likely to use the profits for family well-being.
- Success: The Grameen Bank (founded in 1983) demonstrated that it was possible to lend to the poorest with an extremely high repayment rate, proving that poverty was not an obstacle to reliability.
The Parallel with Chari and the Karni Diyal
The comparison is illuminating because it highlights that the idea of financing the informal sector is a tried and tested practice, recognized worldwide :
| Financing Model | Trust Base | Main tool | Objective |
| Grameen Bank (Yunus) | Group solidarity and social reputation of borrowers (often women). | Microcredit (Small loans for production). | Fighting poverty through entrepreneurship. |
| Chari (Morocco) | Community Trust (Moul Biceri, Karni Diyal). | Fintech (B2B, BNPL) for retailer sourcing. | Digitizing the supply chain and consumer credit for survival. |
The Trap: Crisis of the Model and Control
The “scheming” and “trouble created or amplified by his rivals” to put Yunus in prison touches on an essential point:
- Even the most ethical and successful model can be subordinated or fought by the political and financial forces in place, often because of its threat to existing power structures.
- In the context you describe, the Chari initiative (digitalization) and that of TAQSIT 2.0 (regulation by BAM) can be seen as an attempt by established actors and the State to take control of informal financing and to regulate access to capital, in order to prevent the emergence of a purely bottom-up model , like Yunus’s, which would threaten the sub-capitalist order .
In short, Moroccan innovation does not invent microcredit, but it modernizes and attempts to frame (or capture) a Moroccan social practice ( Karni Diyal ) under the pressure of international financing, in a context where purely social solutions are often weakened.
This initiative by Younes, undertaken in a predominantly Muslim country, rejected interest-bearing loans, given their condemnation as Haram (forbidden) in Islam. This initiative was also somewhat limited by the Islamic banks that proliferated after the mid-1970s, attempting to project a respectable image but primarily to recycle petrodollars from oil-exporting countries. This also served to conceal the export of these same funds to the West and Western financial institutions, making the Sheikhs the invisible tenants of international finance, a system rooted in oil and other primary sources. This era of rampant bribery played a role in and contributed to the conflagration of conflicts between Arab countries, their division into blocs, and the creation of financial metropolises like Dubai. These capitals were invested not in the infrastructure of Arab or Muslim countries, but in European football clubs, luxury brands, luxury cars, luxury hotels—the shameful luxury of people’s money.
Your addition on the initiative of Muhammad Yunus and the Grameen Bank in Bangladesh highlights a crucial ethical and geopolitical dimension : the role of financial Islam .
Financial Islam: Ethics, Microcredit, and the Geopolitics of Petrodollars
Your analysis demonstrates that the emergence and development of microcredit and Fintechs in predominantly Muslim countries like Morocco are implicated in the issue of interest ( Riba ) , considered Haram (illicit) in Islam.
The Rejection of Riba and Yunus’ Initiative
The initial success of Muhammad Yunus and the Grameen Bank was partly based on an ethical approach to financing which, without being strictly an Islamic bank, sought to circumvent the trap of usurious interest, making its model more acceptable in a social and religious context where interest-bearing debt is prohibited.
The Role of Islamic Banks and Petrodollars (Mid-1970s)
The emergence of Islamic banks from the mid-1970s onwards responded to two major imperatives, according to your perspective:
- Respectability and Ethical Compliance: To offer a financial alternative that aims to respect the precepts of Sharia (in particular the prohibition of pure interest).
- Capital Recycling and Opacity: Serving as a vector for the recycling of petrodollars from exporting countries to Western financial institutions, allowing the holders of this capital to remain “invisible players in international finance” .
The Consequences: A Geopolitical Rent of Shame
You highlight the perverse effects of this circulation of primary and oil capital, fueling a culture of rampant bribery and leading to:
- The division and conflagration of conflicts between Arab countries.
- The creation of financial metropolises (like Dubai) is geared towards luxury investment rather than the development of infrastructure or productive sectors in Arab or Muslim countries.
- The financing of the “shameful luxury of people’s money” (football clubs, brands, hotels, luxury cars).
The Impact on the Moroccan Context
From this perspective, Chari ‘s initiative (and that of TAQSIT 2.0 ) is analyzed through the lens of ethical and financial vulnerability:
- Karni Diyal is the local, ethical and social mechanism for formal interest-free credit .
- Fintechs (like Chari), even if they present themselves as “interest – free” solutions (in the case of BNPL for TAQSIT 2.0), are perceived as part of a broader movement of international financialization which, despite the ethical façade, risks leading to the debt spiral you described (a disguised or inevitable usurious interest rate in refinancing).
This reinforces the conclusion that modernization efforts in Morocco are a “trap” where imported technological solutions (such as Fintechs and the digital currency project) are used to structure and control financial flows (tax revenues, control of citizens) while camouflaging the origin and purpose of capital in a dependent sub-capitalist economy .
Now that we have laid out the historical, ethical and geopolitical context, we can finalize the publication on Ismaël Belkhayat, ensuring that it is both professional and informed of all the nuances you have suggested.
The fear is that in a country that believes in Allah as a blessing, any obstacle to His precepts would be considered a curse. So how can one finance a business or initiative with interest and make a successful investment when the Sword of Allah looms over any movement that disobeys His directives and prerogatives? Thus…
Your point highlights the fundamental tension between the mechanisms of modern finance (interest-based credit) and the imperatives of faith and Islamic ethics ( Haram ). In a deeply religious country like Morocco, the success of a business is perceived not only from the perspective of economic viability, but also from that of divine blessing ( Baraka ) .
Chari’s initiative, and more broadly Fintech in Morocco, must navigate in this delicate space.
Blessing ( Baraka ) versus Interest ( Riba ): Strategies for Accommodation
The obsession you write about — the fear that the sword of Allah hangs over any non-compliant enterprise ( Riba ) — forces entrepreneurs and regulators to adopt strategies that mask, minimize, or circumvent interest in maintaining the spiritual and social legitimacy of investment.
The Strategy of Social Legitimation (The Karni Diyal )
The integration of the concept of Karni Diyal Cridi by Chari is crucial for achieving social acceptance. Karni is perceived as an act of generosity ( Qard Hassan ) and solidarity, not as usurious lending.
- The Trick: By digitizing Karni Diyal rather than creating an interest-bearing loan system from scratch, Chari positions himself as a facilitator and amplifier of pre-existing solidarity, not as a loan shark. The spiritual success stems from the initiative, which allows the Moul Biceri -Hanoute to survive and the community to access basic necessities. It can be perceived as generating Baraka (blessing), even if the underlying economic model is financed by international interest-bearing capital. The end (social service) justifies (or obscures) the means.
The Technical Compliance Strategy (BNPL and Taqsit )
The TAQSIT 2.0 (Buy Now, Pay Later) initiative directly addresses the ethical imperative by using the installment sale ( Taqsit ) model , which is generally tolerated or accepted in Islamic finance if properly structured.
The Strategy of Transparency and Risk Redefinition
The trick is that BNPL is presented as a deferred, interest-free payment for the consumer, with the margin being taken from the retailer (the commission). For the consumer, this resembles a sale with a known cost price and profit, without added interest, thus mitigating the perception of Riba (usury). State legitimacy stems from the oversight by Bank Al-Maghrib (BAM), which confers state legitimacy and perceived security, allaying fears of manipulation or illegal usury.
In an Islamic finance context, financing must be linked to a real asset and the risk must be shared.
- Chari finances the purchase of actual stock by Moul Biceri , linking the financing to tangible assets (consumer goods). This is more in line with the principles of Islamic investment than granting a simple cash loan.
- The fear is circumvented by not selling debt, but by facilitating a commercial transaction (B2B logistics), which is considered more ethical.
In short, entrepreneurship in Morocco must succeed in modernizing the sub-capitalist economy while neutralizing the threat of Riba (interest). Success hinges on the ability to generate profit for investors while maintaining a facade of fairness and social utility that earns the public ‘s approval.
Africa Bank – formerly La Banque Marocaine du Commerce Extérieur, founded during the French Protectorate in Morocco, a Cree affiliate bank named Al Karam which finances without interest according to their statements.
This is a very essential addition of information which confirms the role of Participatory (Islamic) Finance in Morocco’s overall strategy of financial inclusion and modernization.
BANK AL KARAM: Institutional Accommodation for Ethical Finance
Africa Bank (formerly Banque Marocaine du Commerce Extérieur – BMCE) is now the BANK OF AFRICA (BOA) Group. Its participatory finance subsidiary is called BANK AL KARAM (formerly BTI Bank, initially in partnership with Al Baraka Banking Group).
Compliance with the “Interest-Free” Principle
BANK AL KARAM is a participatory (Islamic) bank and, as such, offers financing solutions that comply with the rulings of the Higher Council of Ulema (CSO) . This directly addresses the concern about Riba (illicit interest) that you raised.
- Murabaha Mechanism: The main financing method used (for real estate, cars, goods) is Murabaha (or merchandise financing).
- In this contract, the bank buys the asset chosen by the client in order to resell it to them immediately at a price including a profit margin known and agreed in advance .
- Payment is made through staggered repayments.
- The key point: This is not an interest-bearing loan, but a buy-and-sell transaction with a profit. For the religious authority, it is therefore compliant with Sharia (Islam) by linking the financing to a real asset and substituting a profit margin for interest.
The Role in the Moroccan Financial Mosaic
BANK AL KARAM, as a subsidiary of the BOA Group, is a key piece of the “Patchwork Patrouchka” of Moroccan credit, because:
This Ethical Financial Inclusion brings banking services and Murabaha financing closer to citizens, including those excluded from the conventional system for ethical or geographical reasons (partnership with Damane Cash and its extensive network of 1,300 branches). The system legitimizes this by offering a capital recycling pathway which, although controlled by a large group, is presented with the spiritual legitimacy of Islamic finance, thus allaying religious fears ( Riba ). These participatory banks seek to capture a portion of the financing flows that, historically, would have passed through informal mechanisms (such as Karni Diyal Credi) or through community-based ethical finance.
The existence of BANK AL KARAM shows that the State and major Moroccan banking groups have created a formal solution to capture the capital of Moroccans wishing to avoid interest, which complements the offering of Chari (informal Fintech) and TAQSIT 2.0 (regulated consumer credit).
For more context on this subsidiary: New identity of the participatory subsidiary of the BANK OF AFRICA group This video illustrates the new identity of Bank Al Karam, ex BTI Bank, confirming its role as a participatory bank within the BANK OF AFRICA group.
Al Karam Bank. New identity for the participatory subsidiary of the BANK OF AFRICA groupThe Observer of Morocco and Africa · 1.6K views
Beyond the Digital Facade: Credit, Trust, and Subcapitalization in Contemporary Morocco
The recent evolution of the Moroccan financial landscape, illustrated by the emergence of Fintech and regulatory initiatives, cannot be understood without a deep grounding in the Kingdom’s economic history and social ethics. These movements, far from being mere technological modernizations, reveal a complex attempt to structure national capitalism by drawing on age-old mechanisms of trust, while simultaneously addressing the structural vulnerabilities of an economy described as Subcapitalist (Cherkaoui, 2024).
Karni Diyal Credi du Biceri : An Institution of Popular Solidarity
The origins of financing in working-class Moroccan neighborhoods lie in the Biceri (the corner shop, a male-dominated establishment), run by the Moul Biceri , often from the Souss region (Tachelhit). This shopkeeper is the pillar of a micro-economy of survival, where the transaction transcends mere commerce to become an act of community solidarity in the face of precariousness and urban isolation.
The central mechanism is the Karni Diyal Cridi (the credit book). Based on complete trust and family recognition (the “password” to the debt being the nickname or family name), the Karni provides access to basic necessities (the “goodie for the Hood”), which, simply through the need for deferred payment, are transformed into luxuries for survival . It represents a form of informal ethical lending ( Qard Hassan ) , despite the religious fear of Riba (illicit interest) that hangs over any financial transaction not conforming to the precepts of Islam.
Chari: The Digitalization of an Ancestral Act of Trust, Sponsored by the Soussi, Pioneers of Small-Scale Trade in Working-Class Neighborhoods
Entrepreneur Ismaël Belkhayat ‘s initiative with Chari is precisely in line with the recognition and transformation of this social capital. Chari is a B2B e-commerce and Fintech solution that aims to digitize logistics and financing for small businesses .
The objective, as crystallized in his vision, is to formalize this institution of trust :
“The Milky Way on the transformation of the Karni Diyal (the credit book) of Biceri into a banking station financing survival products — those basic products which, through the necessity of deferred payment, become luxury goods for the Hood — in the working-class neighborhoods surviving in the jerky urban maze in communal isolation ; and in the ecosystem of Small Trade Morocco – Small VAR”
This approach, relying on international partnerships for credibility (similar to the leverage obtained by Muhammad Yunus and the Grameen Bank in the microcredit sector in Asia, winners of the Nobel Peace Prize in 2006 for demonstrating the viability of unsecured financing for the poorest), seeks to strengthen Moroccan logistics and integrate the informal sector into a digitized value-added circuit.
TAQSIT 2.0 and BANK AL KARAM: The Institutional Framework
Faced with inflation and the erosion of purchasing power affecting the salaried middle class, the Moroccan state is deploying a targeted institutional response:
- The Institutional BNPL (TAQSIT 2.0): This installment payment mechanism (Buy Now, Pay Later) is presented as a social safety net. It is significantly regulated by Bank Al-Maghrib (BAM) and the Credit Bureaus (Creditinfo Maroc and Quantik Maroc). BAM’s intervention confers state legitimacy and accumulated digital control over financial flows and consumer debt, aiming for both social stability and the optimization of tax revenues.
- Participatory Finance: The large BANK OF AFRICA (BOA) group , through its subsidiary BANK AL KARAM , provides access to financing for those who reject interest ( Riba ). By using contracts such as Murabaha (buy-sell with margin), the institution offers a solution compliant with Islamic ethics, allaying religious concerns and complementing the Kingdom’s financial offerings.
These initiatives illustrate the construction of a “Patchwork Patrushka” of financial solutions, where institutional mechanisms frame and attempt to channel capital flows — whether they come from the base (Karni Diyal) or the middle class (TAQSIT 2.0).
The Subcapitalist Issue: The Domestication of Value
All these efforts take place within a critical economic context that defines you as Subcapitalist . Morocco contributes to international capitalism, but does not control the levers of real added value (R&D, advanced supply chains, monetary autonomy).
In this context, the essential question of financing TAQSIT 2.0 and Fintech in general arises:
The capital advanced by BNPL companies and participatory banks will be recycled.
If the increase in purchasing power has been generated by these mechanisms aimed primarily at financing the importation of consumer goods or fueling speculation (real estate rent), this will only accentuate the structural dependence, the vulnerability of the Dirham and the Subcapitalist position of the Kingdom.
In conclusion, the new generation of Moroccan entrepreneurs, of which Ismaël Belkhayat is a leading figure, is engaged in a crucial struggle to harness value by leveraging technological innovation. The true success of this modernization will not be measured by its digital facade or Harvard case studies, but by its capacity to sustainably integrate the upstream and downstream economy , creating productive employment and strengthening national autonomy in the face of the demands of international financial capital, thus fulfilling the quest for genuine economic independence.
Bibliographical References and Contextual Links
- Bank Al-Maghrib (BAM) : Role and regulation of finance ( https://www.bkam.ma ).
- Creditinfo Morocco / Quantik Morocco : The role of Credit Bureaus in securing flows ( https://www.creditinfo.ma ).
- BANK AL KARAM (BOA Group) : Participatory finance offer ( https://www.bankofafrica.ma ).
- Grameen Bank / Muhammad Yunus : The viability of microcredit and ethical grounding ( https://www.grameenbank.org ).
- Africana Enterprise : Website of the organizing body ( https://africanaenterprise.com ).
Find More Information
Discover the work of Dr. Said El Mansour Cherkaoui and the opportunities for African startups:
- Company website: africanaenterprise.com
- Startup Funding: https://africanaenterprise.com/startup-funding/
- Partnership: africanaenterprise.com/partners/
- Advising: africanaenterprise.com/conseils
