The participatory subsidiary of La Marocaine Vie starts its activity in Morocco. She declined her products and expressed her ambitions during a press conference this Tuesday, June 28. Details.
The participatory finance ecosystem continues to expand in Morocco, particularly with the recent inauguration of Takaful insurance. In recent weeks, the launches of Takaful insurers have multiplied.
Al Maghribia Takaful, a participatory subsidiary 100% owned by La Marocaine Vie, has also just started its activity. Its products as well as its ambitions were unveiled this Tuesday, June 28, during a press conference.
This launch follows the obtaining of its approval by the Insurance and Social Welfare Supervisory Authority (ACAPS) to carry out Takaful family, Takaful investment and Takaful general insurance operations, and the approval of Dar Al Amane as an insurance intermediary.
Abdelkrim Fazazi, general manager of Al Maghribia Takaful, returned to the basic concept of the Takaful Insurance activity. “Our business is a system that has investors issuing premiums – established in the form of a pledge of donation. These premiums are deducted. They go directly to a Takaful fund. These investors are the sole owners. A fund manager, named wakil (agent, editor’s note), representing Al Maghribia Takaful, has the commitment to manage this fund in full compliance with the Sharia, and to redistribute a technical profit, if it has been generated, to the insured. »
Al Maghribia Takaful will offer an immediate offer of Takaful insurance to beneficiaries of crowdfunding, which will be followed by the sale of Multirisk Building products, then Takaful Investment Insurance.
The first product launched by Al Maghribia Takaful relates to the contract Death and absolute and definitive invalidity to cover Murabaha financing. This product had to be launched urgently, according to Abdelkrim Fazazi. “We launched this product first because there is a significant urgency that drives us to do so. We have no less than 6,500 customers who opted for Murabaha financing and who had no coverage. »
ACAPS points out, in a file on Takaful Insurance, that under the Death and Disability contract “the Insurance Fund pays the designated beneficiary the guaranteed capital, in the event of the death of the insured before the end of the contract. This contract also provides for the payment of a lump sum in the event of absolute disability as defined in the contract. This contract is mainly intended to support financing operations with a participatory bank for the acquisition of a house or other properties (car, agricultural machinery, etc.).
“Thereafter, we will move on to the cover Multi-risk building because it is complementary to Death and Disability cover. For multi-risk building, we are going to launch two types of products which correspond to two types of customers. These have Murabaha financing or they are owners and express the need to insure the risks associated with housing. »
According to ACAPS, this contract aims to cover losses suffered by the building in the event of fire and related risks, water damage and glass breakage. The guarantee of this contract can be extended to cover the contents of the building. This contract also covers the consequences of catastrophic events.
In the same year, a third product will be launched. This is theTakaful Investment Insurance. “The market is not very buoyant at the moment, but we are working with the authorities to prepare the launch of this product and facilitate its use. »
This contract allows the participant, in return for one or more contributions, to benefit from a capital constituted on a date fixed in advance. The participant bears any possible loss on the invested capital. The particular conditions of this type of contract may provide for the stipulation of an expected return during the year. This return cannot be guaranteed under any circumstances.
The ambitions of Al Maghribia Takaful
The participatory subsidiary aims to further broaden its offer of longer-term products, in particular non-life insurance, to meet the needs of the company and its partners.
“We are aiming to move on to other products, in particular Non-Life contractsand also to specific products related for example to Hajj and Umrah”, indicates the general manager.
“We are facing an emerging market that has great development potential. The need for these products is felt. There are many customers who do not want to go through conventional banking, but who need these insurance products. »
For his part, Mohammed Tahri, managing director and member of the management board of Societe Generale Morocco, concludes: “We (Dar Al Amane, editor’s note) occupy the place of the third participative bank even if we are only a window. (…) We want Al Maghribia Takaful to have the same ranking as Dar Al Amane on the Takaful landscape. »