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### REFINANCEMENT DES BANQUES PARTICIPATIVES ET TRANSMISSION DE LA POLITIQUE MONETAIRE

### Abstract

Cette recherche examine l'impact des variations du taux directeur sur les banques participatives marocaines dans le cadre de leur refinancement à travers la Wakala bil istithmar, ainsi que leur rôle dans la transmission des impulsions de la politique monétaire. La parution des banques participatives au Maroc a créé un écosystème financier dual, caractérisé par la coexistence de deux modèles bancaires aux fondements distincts mais complémentaires. Malgré leur croissance soutenue, ces établissements de jeune âge évoluent dans un écosystème incomplet, caractérisé par l'absence d'un marché monétaire participatif et le manque d'instruments de refinancement sharia compliant. L'étude adopte une approche méthodologique rigoureuse qui combine tests de stationnarité, de causalité et de cointégration, suivis de l'estimation d'un modèle vectoriel à correction d'erreur, appliqués sur des données réelles mensuelles couvrant la période de janvier 2020 à juin 2024. Les résultats obtenus révèlent l'existence d'une relation d'équilibre significative à long terme entre le taux directeur, l’encours Wakala bil istithmar et la charge financière des banques participatives, affirmant ainsi leur sensibilité aux orientations de la politique monétaire malgré leurs spécificités opérationnelles. Les résultats de l’étude mettent en évidence une vulnérabilité structurelle des banques participatives aux changements du taux directeur, exprimée notamment par la sensibilité marquée de leurs charges financières aux variations de ce dernier. Cette vulnérabilité s'explique, par ailleurs, par leur position de taux défavorable marquée par des actifs générateurs de rendements fixes, financés par des ressources Wakala Bil Istithmar à taux révisable. Le test de causalité de Granger confirme une relation de cause à effet unidirectionnelle statistiquement significative entre le taux directeur et la charge financière des banques participatives. Notre étude démontre le rôle pivot que joue le mécanisme de Wakala bil istithmar dans la transmission de la politique monétaire, mais révèle également la dépendance critique de ces établissements à leurs banques mères conventionnelles. Cette dépendance, conjuguée à l'absence d'instruments de couverture conformes à la charia, limite leur capacité à gérer efficacement leur exposition aux risques de variation du taux de référence du marché monétaire et menace leur stabilité financière. L'étude conclut que les banques participatives marocaines, malgré leurs spécificités fonctionnelles, demeurent fortement intégrées dans le système financier global, et se voient sensibles aux orientations de la politique monétaire nationale. Le développement futur de ces établissements dépendra de leur capacité à renforcer leur résilience face aux chocs monétaires, notamment par la diversification de leurs sources de refinancement et l'évolution du cadre institutionnel.

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.

JEL : E58 ; Z12 ; G28

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