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We examine the existence of nonlinear modes and their temporal dynamics, in arrays of split-ring resonators, using a fractional extension of the Laplacian in the evolution equation. We find a closed-form expression for the dispersion relation as a function of the fractional exponent as well as an exact expression for the critical coupling between rings, beyond which no fractional magnetoinductive wave can exist. We also find the low-lying families of bulk and surface nonlinear modes and their bifurcation diagrams. Here the phenomenology is similar for all exponents and resembles what has been observed in other discrete evolution equations, such as the DNLS. The propagation of an initially localized magnetic excitation is always ballistic, with a `speed' that is computed in exact form as a function of the fractional exponent. For a given exponent, it increases with an increase in coupling up to a critical coupling value, beyond which the ballistic speed could diverge inside the fractional interval $[0,1]$. Examination of the modulational instability shows that it tends to increase with an increase in the fractional exponent, where the decay proceeds via the formation of filamentary structures that merge eventually and form pure radiation. The dynamical selftrapping around an initially localized excitation increases with the fractional exponent, but it also shows a degree of trapping in the linear limit. This trapping increases with a decrease in the exponent and can be explained by near-degeneracy considerations.