How to Buy Stocks on the CSE in Morocco in 2026

The Casablanca Stock Exchange (Bourse de Casablanca) in short

The Casablanca Stock Exchange (Bourse de Casablanca) is the main stock exchange of Morocco and trades in Moroccan dirham (MAD). Securities are held at Maroc Clear, and the market is supervised by the Autorité Marocaine du Marché des Capitaux (AMMC). Official information on listed companies is published on the exchange website.

AfricanDividends tracks 7 companies on this market, with 94 recorded dividend payments since 2005. Average estimated yield: 3.52%.

Step by step: how to buy Morocco stocks

1. Choose a licensed intermediary

   You cannot buy shares directly from the exchange. You need a société de bourse (licensed brokerage firm), often linked to a bank. Check that the firm is authorised using the list of members on the Casablanca Stock Exchange website. Compare brokerage fees, minimum amounts, the trading platform and how they handle dividends.

2. Open your account

   Fill in the broker's form and send your documents. You will usually need: a valid ID, residence card or passport; proof of address; details of your bank account; the broker's account-opening and risk-profile forms. The broker then opens your securities account with Maroc Clear.

3. Fund the account

   Transfer money to the broker or to the bank account it names. Prices are in Moroccan dirham (MAD), so a foreign investor also takes a currency step. Ask about transfer fees and how long funds take to arrive.

4. Research before you buy

   Look at each company's dividend history, how steady the payments are and when the next ex-dividend date falls. On AfricanDividends you can compare every tracked CSE company in the dividend stock list.

5. Place your order

   Tell your broker the company, the number of shares and the price you accept. A limit order sets the maximum price you will pay, which matters for stocks that trade rarely.

6. Receive and track dividends

   Shares bought before the ex-dividend date carry the right to the next dividend. Dividends are paid through the securities account holder, usually your broker or bank, after the company announces the payment date.

How dividends work on the CSE

A company announces a dividend, then sets an ex-dividend date and a payment date. You receive the dividend if you own the share before the ex-date. Dividends are paid through the securities account holder, usually your broker or bank, after the company announces the payment date.

Dividends from Moroccan companies are subject to withholding tax. The rate depends on your residency and on any tax treaty, so check the current rules with the tax authority or a tax adviser.

Foreign investors can invest in Moroccan shares through a société de bourse. Moving money in and out of the country follows foreign exchange rules, so ask the broker and your bank how dividends and sale proceeds can be repatriated.

Risks to keep in mind

• The dirham is managed against a basket of currencies, but rate changes can still affect a foreign investor.
• The market is small, with a limited number of listed companies.
• Banks, telecom and a few large groups dominate the index.
• Dividends depend on annual results and board decisions.

This page is general information, not investment, tax or legal advice. Check every detail with the exchange, the regulator and your broker.