The Union of the Maghreb Banks (UMB) was formed in 1990 by bank presidents from the five Maghreb countries – Morocco, Tunisia, Algeria, Libya and Mauritania. The association forms policy recommendations, supports the harmonization of legal and financial regulatory structures, and promotes a regional dynamic financial sector.

The non-profit organization believes the banking sector can spearhead Maghreb economic integration as it has the resources and the credibility. It also affirms that the heightened cooperation among the financial community is a preliminary step in establishing a common financial market. Enhanced integration will also strengthen the resilience of the five economies to shocks.

During a meeting in Algiers on the development of capital investment in the region last November, the UMB called for a regional single currency to spur trade exchange and mutual investments. UMB President Othman Benjelloun has said the idea of boosting economic relations is welcomed within the union.