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Our Organization
The ARRAWAJ Foundation for Inclusive Finance is a non-profit Microcredit Association, governed by the Dahir of November 15, 1958, and Law No. 18-97 regarding the practice of microcredit activities. It was established in 1996 and was authorized to engage in microcredit activities by Ministerial Decree on March 10, 2000.
The main purpose of the ARRAWAJ Foundation is to contribute to the economic and social integration as well as the financial inclusion of micro-entrepreneurs and very small businesses who are excluded from traditional financing channels, by providing them with easy access to funding.
Key Dates
2024
Launch of the New CNSS Reimbursement Service
Agency Locations on Google Maps
Opening of New Agencies in the Southern Provinces
• Dakhla Centre-Ville – Dakhla Essalam – Dakhla El Wahd
• Laayoune El Amal
2023
Opening of 5 new branches
The ARRAWAJ Foundation's Board of Directors is enriched by the co-option of a new independent Director, Mr. Abderrahim SAHER
Participation in the national direct social aid program
Migration to a new Information System
2022
Opening of Rabat Akkari branch
Partnership signed with Western Union for the deployment of international money transfer services at ARRAWAJ Foundation network branches.
The ARRAWAJ Foundation's Board of Directors is enriched by the co-option of a new independent Director, Mr. Ahmed Reda Chami.
Launch of several financial inclusion services :
•Madmoun Express: cash-to-cash money transfer service
•Payment of telephone bills and top-ups at branches
•Issuance and receipt of bank transfers to and from the payment account
2021
Acquisition and Opening of New Branches
The ARRAWAJ Foundation acquired 3 agency premises in Rabat and Casablanca and opened 4 new branches: Casablanca Jaouhara, Salé El Oued, and Mehdia Kasbah.
Publication of Dahir No. 1-21-76 of Dhu al-Hijjah 3, 1442 (July 14, 2021), promulgating Law No. 50-20 regarding microfinance.
The publication of the Dahir establishes the framework for the transformation of Microcredit Associations into Credit Institutions.
2020
The Board of Directors of the ARRAWAJ Foundation for Inclusive Finance has been enriched by the co-optation of two new Independent Directors.
These individuals are Mrs. Karima Benoualide and Mr. Said Ibrahimi.
Advent of the global COVID-19 health crisis.
Launch of new products aimed at assisting clients in navigating through the crisis and revitalizing their businesses.
The ARRAWAJ Foundation has acquired two agency premises in Bouskoura and Casablanca.
2019
Increase in the microcredit ceiling.
Promulgation of Law 85/18 for the modification of the microcredit ceiling provided by Law No. 18/97 from 50,000 MAD to 150,000 MAD for Very Small Enterprises (TPE) and 100,000 MAD for Housing.
Launch of new financial inclusion services as the first Agent.
Principal of the Maymouna Financial Services Payment Institution.
Albaraka becomes the "ARRAWAJ Foundation for Inclusive Finance".
A new name to signify the beginning of a new era and to underline the Foundation's lasting commitment to the National Financial Inclusion Project.
2018
Launch of a new organizational model for the Albaraka Foundation.
Focused on strengthening internal control at both the headquarters and network levels, enhancing middle management, and improving service quality.
2016
Launch of a fully digitalized range of products for Very Small Enterprises (TPE).
Launch of the money transfer service in partnership with Barid Cash.
Signing of a partnership agreement with Auto-Hall/Africa Motors SA for the financing of utility vehicles.
Launch of a new organizational model for the Albaraka Foundation.
2015
Migration to a new information system.
The Infosys Finacle solution enables Albaraka to meet strategic objectives and automate a number of processes.
2014
A new name and visual identity.
FONDEP becomes "Albaraka Foundation" and reaffirms its social mission through its new tagline: "Finance for Social Impact."
2013
Signing of a Partnership Agreement with AXA Assurances Morocco.
Launch of a micro-insurance offering that aims to reduce the vulnerability of micro-entrepreneurs and their families, secure their income, and decrease the risk of non-repayment.
2007
Amendment of Articles 2 and 3 of Law No. 18/97 to expand the activities of Microcredit Associations (AMC) to include micro-insurance.
2006
Increase of the microcredit ceiling to 50,000 MAD by Ministerial Order No. 1969-06 from the Ministry of Finance and Privatization.
Establishment of the Jaida Fund aimed at facilitating Microcredit Associations' access to financing.
2004
Launch of Housing products in accordance with Law No. 53-03.
Microcredit Associations (AMCs) are authorized to grant microloans intended to finance the acquisition, construction, and improvement of housing, as well as their connection to water and electricity.
2001
Birth of the National Federation of Microcredit Associations (FNAM).
In accordance with Article 21 of Law No. 18/97,
all authorized Microcredit Associations (AMCs) are required to join FNAM.
2000
Obtaining the Microcredit Association (AMC) Approval under Law No. 18/97.
1997
FONDEP self-finances its first
microcredit operations.
1996
Birth of FONDEP
Creation of the Foundation for Local Development and Partnership initiated by Mr. Mouatassim BELGHAZI.
Our Organizational Chart
Our Publications
Laws and Regulations
Microfinance Rating
Our Awards
2000
The World Micro-Credit Summit awards a Certificate of Recognition of usefulness for FONDEP's interventions in favor of the integration of economically weak people into the productive fabric for the years 2000, 2001, 2002, 2003 and 2004.
2002
Planet Rating assigns the "G3*" rating to FONDEP with a positive trend in organizational and financial performance and the status of an "average I.M.F" which earned it the title of third place nationally, among the forty-five institutions valued globally.
2004
MIX (Micro-finance Information Exchange) awards the "5 diamonds" prize to FONDEP for excellence in financial transparency for the years 2004 and 2005.
2005
FONDEP is honored for its transparency by the GCAP (Consultative Group for Assistance to the Poor) and is awarded the international distinction "Merit Award". It thus becomes the first institution in Morocco and in the MENA region to be rewarded.
2006
FORBES has awarded FONDEP fifth place in the ranking of micro-finance institutions worldwide.The "Microfinanza" agency has assigned an "A" rating to FONDEP. This rating attests to (i) the solidity of the financial foundations of the Albaraka Foundation, in particular to meet its obligations, (ii) the good operational conduct and (iii) the assurance of institutional stability.
2012
MIX (Micro-finance Information Exchange) awards the "5 diamonds" prize to FONDEP for excellence in financial transparency for the years 2012 and 2013.
2013
The Microfinanza agency confirms FONDEP's excellent performance and low risk exposure, giving it an "A-" rating. This rating confirms the continued controlled and sustained growth of its activities as well as the adoption of an efficient governance and risk management policy. The social rating, meanwhile, confirms the adequacy of the social performance and client protection management system and the satisfactory alignment of FONDEP's activities with its mission by assigning it a "BB" rating.
2014
Albaraka ranked 4th Best Employer in Morocco, Large Business Category, as part of the Best Employers in Morocco program. The institution distinguished itself, for its first participation, by its transparent and effective human resources management policy and its ability to offer its employees a working environment that promotes commitment, responsibility, ethics, transparency. and professional efficiency.
2015
The Microfinanza agency confirms Albaraka's excellent operational and financial performance by awarding it an "A" rating. It also raised its social rating from "BB" to "A", thus placing the Institution in the highest bracket. of the social rating scale, in view of its social performance management and client protection system
2016
Albaraka receives the prestigious award "The Asian Banker Technology" for implementing the best lending platform in the Middle East and Africa.
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