Banking, finance and capital markets in Morocco

Baker & McKenzie Maroc

Baker & McKenzie Maroc has a standout partner in practice head Kamal Nasrollah and counts Attijariwafa Bank, LafargeHolcim and Office National de l’Electricité et de l’Eau Potable (ONEE) among its key clients. Nasrollah acted for ONEE in the financing of its 850MW wind farm programme, which included the extension of the 200MW Koudiaal Baida wind farm.

Clifford Chance

Clifford Chance's Casablanca office is led by the co-head of the firm's Africa practice Mustapha Mourahib, who has a long track record in complex domestic and cross-border banking and capital markets matters. Mourahib advised Maghreb Titrisation on a groundbreaking structured finance transaction. Counsel Ouns Lemseffer is a rising star.

Dentons Sayarh & Menjra

Dentons Sayarh & Menjra climbs the ranking this year. It has a broad-ranging finance practice in Casablanca that includes a China desk to support Chinese clients with inbound investments. Patrick Larrivé's team acted for Agence Française de Développement (AFD) on the financing of the Rabat-Saléline 2 tramway extension. Attijariwafa Bank is also a key client.

Naciri & Associés Allen & Overy

Naciri & Associés Allen & Overy combines in-depth local knowledge with the standards of a large international law firm to handle corporate and syndicated loans, receivables financing, project finance and ECA-backed financings. Hicham NaciriYassir Ghorbal and project finance partner Antoine Haddad are the key contacts. Naciri advised IFC on a €135m green bond issuance by Banque Centrale Populaire.

Norton Rose Fulbright

Norton Rose Fulbright advises on banking operations, project finance, financial restructurings, corporate lending and debt issuance. Alain Malek acted for a Spanish company and a local investment fund in a financing matter.

Bakouchi & Habachi - HB Law Firm LLP

Bakouchi & Habachi - HB Law Firm LLP handles banking and project finance matters, including syndicated loans, financial restructuring and regulatory compliance. It also advises investment funds, banks and corporates on capital markets offerings. Salima Bakouchi and Kamal Habachi acted for International Islamic Trade Finance Corporation in a $103m financing to OCP.

BFR & Associés

'A leading firm in terms of quality and standards', BFR & Associés climbs the ranking thanks to its growing workload for major Moroccan clients and its frequent roles as local counsel for foreign law firms. Corporate partner Safia Fassi-Fihri, who advised EBRD on the restructuring of Minièrede Seksaoua, and Romain Rabillard are recommended.

Fraikech Associés

Fraikech Associés is known for its capability in sophisticated banking and finance transactions, and it frequently acts for foreign finance companies in arranging loans to Moroccan financial institutions. This includes reviewing loan agreements or promissory notes under Moroccan law. Oussama Fraikech is the key contact.

Garrigues Maroc Sarl

Garrigues Maroc Sarl climbs the ranking this year on the strength of its international client base. Jose Ignacio Garcia Muniozguren and principal associate Jaafar Laidi are the key contacts. They recently acted for an international financial institution in a €20m loan to the local subsidiary of a European bank to finance Moroccan SMEs.


Jeantet has notable expertise in areas such as Islamic finance. Managing partner Philippe Malléa advises on large investment and infrastructure projects, and key contact Mamoune Kettani counts Chaabi International Bank, BMCI and Banque Central Populaire among his clients.

Kettani Law Firm

Kettani Law Firm frequently acts for international banks, including Crédit Agricole. The firm has expertise in loans, bonds, derivatives, project finance and regulatory compliance. It advises numerous lenders and sponsors on high-value project finance transactions. Nadia Kettani is the standout partner.


LPA-CGR is known for assisting government, state-owned entities, multilateral agencies and banks on finance transactions. It also structures capital markets transactions for Moroccan banks. Alain Gauvin is now with Asafo & Co.

Mernissi - FIGES

Mernissi - FIGES is a specialist projects firm for which finance transactions are a particular strength. Lamya El Mernissi and managing partner Mohamed Mernissi are the key practitioners. They advised Moroccan electricity and water management company Nareva on the financing of the 200MW Aftissat wind farm.


Belouchi Fassi Fihri joins the ranking having worked in partnership with leading international law firms on the financing of major commercial centres and factories, notably in the aviation and automotive sectors. Bouchra Belouchi and Fatima-Zahra Fassi-Fihri regularly advise banks and investment funds in Morocco and francophone Africa.


The banking and finance practice at CMS, which is led by Moroccan business law and tax expert Marc Veuillot, frequently advises on regulatory and foreign exchange issues. Associate Matthieu Laval is recommended for investment projects. They both advised Euler Hermes and COFACE on local banking regulations.

DLA Piper

DLA Piper joins the ranking this year thanks to the growing activity of its Casablanca office. Led mainly from Paris by Fabrice Armand, the firm's local team includes associate Youssef Tork , who worked with Armand to advise Société Générale on banking, debt capital markets and financial services regulatory matters.

El Amari & Rouissi

El Amari & Rouissi joins the ranking this year. It advises borrowers, banks and issuers on syndicated loans, project and acquisition financing, banking regulation and restructuring. Mariam Rouissi and Mohieddine El Amari advised Finea on a €100m line of credit from EIB, and assisted Morocco’s Ministry of Economy and Finance with its inaugural sovereign sukuk issuance.

Hajji & Associés

Hajji & Associés has a standout partner in Amin Hajji, who is regarded as a leading light in banking and finance matters. His track record includes work for EBRD on development financing. Project finance and capital markets are the firm's main areas of focus.

Bennani & Associés LLP

Founded in 2017 by former Bennani & Associés LLP finance partner Ghalia Mokhtari joins the ranking having advised banks, developers and sponsors on projects and financing matters. Mokhtari acted for EBRD in a MAD110m loan to Al Baraka Foundation. EIB and Banque Centrale Populaire are also among her clients.

UGGC & Associés

At UGGC & Associés, corporate partner Ali Bougrine frequently handles financing arrangements and capital markets matters in the context of cross-border M&A transactions. He recently advised a payment services provider on accreditation agreements with local banks.