Morocco Bond Fund (OPCVM Obligataire) Simulator — net return projection

A Moroccan bond fund (OPCVM obligataire) invests in government and corporate bonds, offering regular returns at moderate risk. It sits between a money market fund (lower yield, maximum safety) and an equity fund (higher potential, higher volatility). Our simulator projects your net capital after the 20% capital gains tax.

Bond fund vs term deposit vs Treasury bills

For a medium-term horizon of 3 to 7 years, bond funds often outperform term deposits and Treasury bills by offering better duration management and automatic reinvestment. Use our comparator to model your exact scenario.

Who should consider a bond fund?

Bond funds target investors with a 2-to-5-year horizon and a cautious to moderate risk profile. They are particularly suited to retirees or near-retirees seeking a regular return without directly managing Treasury bills, and to households looking to diversify beyond term deposits while limiting volatility. Unlike equities, a bond fund's net asset value moves primarily with Bank Al-Maghrib's key rate, not with stock market swings.

How to invest in a bond fund in Morocco?

Subscribe at your bank branch or directly with an AMMC-licensed asset manager. Moroccan bond funds are classified as short-term (CT), medium-term (MT) or long-term (LT) based on the maturities of the securities held — an LT fund will be more sensitive to rate movements. Minimum subscriptions typically range from MAD 1,000 to MAD 10,000. Always check the total expense ratio (TFG) published in each fund's monthly factsheet: management fees directly reduce your net return.

What is a bond fund (OPCVM obligataire) in Morocco?
An OPCVM obligataire invests primarily in Moroccan government bonds and corporate bonds. It offers regular returns with moderate risk — better yield than a money market fund, more stable than an equity fund. Units can generally be redeemed within a few days.
What return can I expect from a Moroccan bond fund?
Moroccan bond funds have historically yielded around 3% to 5% per year before tax, depending on the fund's duration and credit mix. In 2025–2026, medium-term funds typically yield ~4% gross. Returns are not guaranteed.
What is the tax on bond funds in Morocco?
Capital gains on OPCVM obligataire are taxed at 20% under the Finance Act 2026, withheld at source at redemption. Distributed interest income is also subject to 20% withholding tax.
Bond fund vs term deposit: which is better for 5 years?
On a 5-year horizon, bond funds typically outperform term deposits through better duration management and compounding. However, term deposits guarantee the rate from day one. Compare both using our simulator to see which comes out ahead with your exact amounts.

Other Morocco savings simulators

Term Deposit (DAT) Money Market Fund Equity Fund Treasury Bills Full comparator

Sources: Bank Al-Maghrib — monetary policy and adjudications; AMMC — OPCVM regulation and fund statistics. Calculations are indicative and non-contractual.