The physical greeting has variation, as it is also commonly a simple handshake. The verbal greeting is a list of questions inquiring about the other, their health, their family, etc. Most often you hear 'Ca va bekhair?' which is a French-Arabic hybrid along the lines of 'Are you well/Is it going well'? Also Labas? Which is asking 'Are you not bad?' And sometimes many more questions. The typical response is similar to our 'How Are You?' where an in-depth and even honest answer is not necessarily the goal, but the politeness of asking is what is important.
But the ultimate in Moroccan greetings is one I haven't seen from others in Arab or any other cultures. When Moroccans are too far away to greet each other as I have described, they wave or raise their hand and then touch their right hand to their hearts. THEY TOUCH THEIR RIGHT HAND TO THEIR HEARTS!
It is absolutely the sweetest and most lovely human gesture you can imagine and it KILLS ME! I was in a taxi today and the driver saw a friend on a motorcycle at the stop light: smile, say hi, hands on hearts. I was walking to the post office and our local mini-market guy was standing outside for a breather and from across the street I gave him a little wave and hello and he nodded + hand on heart. It is constant and instantly fills you with warm fuzzy joy when you see it. That's how it's done in Morocco.