Pat lamb dry with paper towels; season with 1 teaspoon salt and ¼ teaspoon pepper.
Using highest sauté function, heat oil in Instant Pot for 5 minutes (or until just smoking). Add lamb and cook until well browned on all sides, about 5 minutes; transfer to a bowl and reserve drippings in pot.
Add onion and carrot to drippings, season with ¼ teaspoon salt, and cook on highest sauté function until softened, about 5 minutes.
Stir in garlic, flour, cinnamon stick, bay leaf, allspice, and ras el hanout; cook until fragrant, 30–60 second. Whisk in a few splashes of broth, scraping up any browned bits and smoothing out the mixture after each addition. Gradually add in the remaining broth; add browned lamb back and any accumulated juices to pot, stir to incorporate.
Lock lid in place, close pressure release valve, and select high pressure cook function; cook for 50 minutes. Turn off Instant Pot and quick-release pressure. Carefully remove lid, allowing for steam to escape away from you.
Select sauté functions and add tomatoes, chickpeas, and apricots and simmer for 5 minutes. Off heat, stir in vinegar and season with salt (I use 1 teaspoon) and pepper to taste.
Serve stew over rice and finish with parsley, cilantro, and/or chopped preserved lemons.