Refinancement Des Banques Participatives Et Transmission De La Politique Monetaire

This research examines the impact of policy rate fluctuations on Moroccan participative banks within their refinancing framework through Wakala Bil Istithmar contracts, as well as their contribution to monetary policy transmission impulses. The emergence of participative banks in Morocco has created a dual financial ecosystem characterized by the coexistence of two banking models with distinct but complementary theoretical foundations. Despite their sustained growth, these nascent institutions evolve in an incomplete ecosystem, characterized by the absence of an Islamic money market and the lack of sharia-compliant refinancing instruments. The study adopts a rigorous methodological approach that combines tests of stationarity, causality and cointegration, followed by estimation of a vector model with error correction, applied on monthly real data covering the period from January 2020 to June 2024. The results obtained reveal the existence of a significant long-term equilibrium relationship between the policy rate, the outstanding Wakala bil istithmar and the financial burden of participative banks, thus affirming their sensitivity to monetary policy guidelines despite their operational specificities. The results of the study highlight a structural vulnerability of participative banks to changes in the policy rate, expressed notably by the marked sensitivity of their financial charges to variations in the latter. This vulnerability is explained, moreover, by their unfavourable rate position marked by fixed-yield generating assets, financed by Wakala Bil Istithmar resources at revisable rates. The Granger causality test confirms a statistically significant unidirectional cause-and-effect relationship between the policy rate and the financial burden of participative banks. Our study demonstrates the pivotal role played by the Wakala bil istithmar mechanism in the transmission of monetary policy, but also reveals the critical dependence of these institutions on their conventional parent banks. This dependence, together with the lack of Sharia-compliant hedging instruments, limits their ability to effectively manage their exposure to risks from changes in the money market reference rate and threatens their financial stability. The study concludes that Moroccan participative banks, despite their functional specificities, remain strongly integrated into the global financial system, and are sensitive to the orientations of national monetary policy. The future development of these institutions will depend on their ability to strengthen their resilience in the face of monetary shocks, notably through the diversification of their refinancing sources and the evolution of the institutional framework.