Takaful insurance: the Ulema Council gives the green light to seven standard contracts

By Safae Hadri on 04/30/2022 at 2:18 p.m. (updated on 04/30/2022 at 5:18 p.m.)

New milestone towards the effective launch of Takaful insurance operations. The Superior Council of Ulemas (CSO) has issued a favorable opinion of conformity to seven standard contracts relating to Takaful insurance, including that of death insurance.


In an email sent to the acting president of the Insurance and Social Security Supervisory Authority (ACAPS), Othman Khalil El Alamy, the CSO delivered a favorable opinion on the standard Takaful insurance contracts, which should accelerate the market entry of these Sharia-compliant insurance products.

These are seven standard contracts, including that of death and disability insurance, eagerly awaited by Moroccan professionals of participatory finance. Indeed, the absence of Takaful insurance has so far represented a risk for participatory banks, which started their activities more than four years ago and which market financing products, in particular for the acquisition of real estate. , without the buyer subscribing to death insurance, for lack of availability.

It should be noted that the Superior Council of Ulemas (CSO) has prohibited participatory banks from having their customers take out traditional insurance, which does not comply with Sharia.

Customers who have benefited from this financing have nevertheless committed to take out Sharia-compliant death insurance, once it is put on the market. Something that should be done soon after the green light from the CSO.

The other contracts validated by the Board of Governors relate in particular to the Takaful pension, the multi-risk building, the payment of purchases and advances and the Takaful investment.

The supervisory authority has so far granted five licenses to practice Takaful insurance operations. These are Wafa Takaful (subsidiary of Wafa Assurance), Attakafulia Assurances (subsidiary of Atlanta Sanad) and Taawouniyate Taamine Takafuli (subsidiary of MAMDA /MCMA, BCP and CAM). La Marocaine Vie, a member of the Societe Generale Morocco group, also obtained authorization from the regulator to create a Takaful subsidiary, as did the Central Reinsurance Company (SCR), which obtained ACAPS approval. for creating a Takaful window.

The entry into force of the Takaful insurance, which should take place in the coming months, is an important step towards the establishment of a complete participatory ecosystem in Morocco. The professionals surveyed by Le360 expect an effective start of this new activity during the first half of 2022.

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