ACAPS

Takaful insurance: 6 participating banks obtain their approval

The operations covered by the approvals relate to life and death, insurance operations against the risk of bodily accidents, insurance operations against fire and natural elements, insurance operations against glass breakage, insurance operations against water damage and Takaful investment.

The Insurance and Social Welfare Control Authority (ACAPS) announced on Friday that it had granted six participating banks the approvals to present Takaful insurance products.
These are the products of companies that obtained ACAPS approvals in early 2022 to carry out Takaful insurance operations, ACAPS said in a press release, indicating that these approved companies can now start this activity, following to the assent issued by the Superior Council of Ulema (CSO), relating to management regulations, Takaful insurance contracts and general regulations on redemption and advance.
The Takaful insurance operations, subject of the approvals, relate to Life and death, insurance operations against the risk of bodily accidents, insurance operations against fire and natural elements, insurance operations against glass breakage, insurance operations against water damage and Takaful investment, specifies the same source. The operationalization of Takaful insurance will make it possible to promote and develop several products of participatory banks through new insurance offers, as well as to meet the needs of a segment of the population in terms of insurance coverage, thus contributing to the promotion of the financial inclusion of an important category of citizens who were waiting for an alternative to conventional insurance products, notes the press release.
It is also a question of investing a significant part of the contributions collected under Takaful insurance contracts in the crowdfunding market, adds the same source.
Takaful insurance completes the Moroccan ecosystem of participatory finance, which has also just been strengthened by the publication of Opinion No. 17, relating to the amendment of the insurance chart of accounts following the introduction of insurance ” Takaful”, issued by the Minister of Economy and Finance, Nadia Fettah, in her capacity as President of the National Accounting Council, specifies ACAPS, noting that this new system aims to support the strong growth experienced by the sector. participatory finance in Morocco.
Takaful insurance is an insurance operation carried out in accordance with the assent of the Superior Council of Ouléma, the purpose of which is to cover the risks provided for in the Takaful insurance or investment contract by a managed Takaful insurance fund, in return for management remuneration, by an insurance company approved to carry out Takaful insurance operations.
Takaful insurance operations and the activity of managing the Takaful insurance fund by an insurance and reinsurance company may not, under any circumstances, give rise to the collection or payment of interest, specifies the Authority.

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