The Concentration of Participatory Financing around the Mourabaha in Morocco: between Economic Rationality and Institutional Constraints

Abstract

Participatory financial engineering in Morocco, implemented within an official regulatory framework since 2017, is characterized by a marked predominance of the Mourabaha product, while other participative products (Moucharaka, Moudaraba, Salam, Ijara) remain marginalized. This paper proposes a theoretical analysis of this concentration by mobilizing the principles of economic rationality, institutional challenges and market structure in the field of participatory finance. Based on a critical review of the literature on participatory finance, crowdfunding models and Sharia governance, the study explores factors that may explain the dominance of Mourabaha: operational simplicity, management of perceived risk and alignment with customer and bank preferences. It also examines the structural limits of the Moroccan banking system, in particular the non-existence of diversification and product standardisation mechanisms, as well as the effects of a still emerging regulatory framework on the development of alternative instruments. The discussion highlights the central dilemma of the sector: the concentration around Mourabaha can be interpreted as a rational choice in a specific economic and institutional context, but it also reveals structural blockages that hinder innovation and the maturation of participatory finance in Morocco. The article finally proposes conceptual avenues for thinking about the diversification and strengthening of the sector through a well-adapted institutional and theoretical framework.

Keywords : Participatory Finance, Mourabaha, Economic Rationality, Financial Innovation.