Participatory banks get their approvals

These are the products of companies that obtained ACAPS approvals in early 2022 to carry out Takaful insurance operations, the Authority said in a press release on Friday.

It should be noted that these approved Takaful insurance companies can now start this activity, following the assent issued by the Superior Council of Ulema (CSO) relating to management regulations, Takaful insurance contracts and general regulations on the redemption and advance.

The Takaful insurance operations covered by the approvals relate to:

• Life and death;

• Insurance operations against the risk of bodily injury;

• Insurance operations against fire and natural elements;

• Insurance operations against glass breakage;

• Insurance operations against water damage;

• Takaful investment.

It should be recalled that the operationalization of Takaful insurance will make it possible to:

• Promote and develop several products of participatory banks through new insurance offers;

• Respond to the needs of a segment of the population in terms of insurance coverage, thus contributing to the promotion of the financial inclusion of a large category of citizens who were waiting for an alternative to conventional insurance products;

• Invest a significant portion of the contributions collected under Takaful insurance contracts in the crowdfunding market.


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