News

The Supervisory Authority of Insurance and Social Welfare (ACAPS) has just granted six participative banks the approvals to present Takaful insurance products.

It concerns the products of the companies that have been approved by the ACAPS at the beginning of 2022 to practice Takaful insurance operations. It should be noted that these authorized Takaful insurance companies can now start this activity, following the approvals issued by the Higher Council of Ulema (CSO) regarding the management regulations, Takaful insurance policies and the general regulations on repurchase and advance.

The approved Takaful insurance operations are related to

• Life and death;
• Personal accident insurance operations;
• Insurance operations against fire and natural elements;
• Insurance operations against glass breakage;
• Water damage insurance operations;
• Takaful investment.

It is to be reminded that the activation of the Takaful insurance will allow :

• Promote and develop several products of participative banks through new insurance offers;
• Satisfy the needs of a segment of the population in terms of insurance coverage, thus contributing to the promotion of financial inclusion of an important category of citizens who were waiting for an alternative to conventional insurance products;
• Investing a significant part of the contributions collected from Takaful insurance policies in the participative finance market.

Moreover, it should be noted that Takaful insurance completes the Moroccan ecosystem of participative finance which has also just been strengthened by the publication of notice n° 17, relating to the amendment of the insurance accounting plan following the introduction of "Takaful" insurance, issued by the Minister of Economy and Finance in her capacity as President of the National Accounting Council. This new framework aims to support the strong growth of the participative finance sector in Morocco.

About Takaful insurance

Takaful insurance is an insurance operation carried out in accordance with the approved opinions of the Higher Council of Ulema, the purpose of which is to cover the risks provided for in the Takaful insurance or investment contract by a Takaful insurance fund managed, in return for a management fee, by an insurance company approved to carry out Takaful insurance operations. Under no circumstances may the Takaful insurance business and the management of the Takaful insurance fund by an insurance and reinsurance company provide for the receipt or payment of interest.