🎥 Al Maghribia Takaful aims to position itself as a benchmark in Participatory Insurance:

Written para Soubha Es-Siari |

The Top management of Al Maghribia Takaful officially unveiled on Tuesday, June 28, the effective start of the 100% participatory subsidiary of the insurance company La Marocaine Vie. A strong moment to popularize the concept of Takaful in the Moroccan market and which must be recalled, is eagerly awaited in the economic sphere.

After obtaining his approval by lInsurance and Social Security Control Authority (ACAPS) to carry out takaful family, takaful investment and general takaful insurance operations, and the accreditation of Dar Al Amane as an insurance intermediary, Al Maghribia Takaful, a participatory subsidiary owned A 100% from La Marocaine Vie, started the activity in Morocco and everything related to the first places on the podium.

At first glance, Taoufik Lachker Hidara, Chairman of the Board of Al Magribia Takaful recalled the two main reasons for launching the takaful. to premier a feature of the integrated bancassurance model of the group as a whole and which translates into synergies with the participatory banquet Dar Al postpone. The second reason is in relation to the clients who hesitate, for personal convictions, to contract credits with Dar Al Amane due to the absence of the Takaful insurance contract.

„The launch of Al Maghribia Takaful, created in March 2022 following the approval of ACAPS and CSO, aims to meet the protection needs of people wishing to take out insurance solutions in accordance with the notice of the Superior Council of the Ulema, excluding in particular the payment of interest to the operator (insurer) * », announces in turn its General Manager Abdelkrim Fazazi. He added: “Al Maghribia Takaful proposes an immediate Takaful insurance offer to people benefiting from participatory financing, which will be followed by the sale of Multirisque Bâtiment products and then d’Assurance Investissement Takaful.”

It should be noted that currently 6,500 customers subscribing to the naked Mourabaha do not benefit from insurance, a huge stock to be exploited by Al Maghribia Takaful. It will thus be marketed initially the death-disability. It will be followed by multi-risk housing, which is intended to be complementary to death and disability coverage. Third and in the same year, all that is Istitmar. The market is not yet very strong today.

In response to the validation of new products through the regulator, participatory subsidiaries aim to expand their offer of products in the longer term, including non-life insurance (hajj, Omra …), to meet the needs of society and of his partners.

“The market is certainly emerging but interesting and every day the needs are felt for a clientele with religious beliefs,” announced A. Fazazi.

Regarding the distribution circuit, at participatory subsidiaries it starts by distributing its products through the network of agencies of Dar Al Amane, thus strengthening the integrated bancassurance model of the company subordinated to the development of the participatory window of Société Générale Maroc. She sets out to conquer new clients, especially those hitherto reluctant to take Takaful uncovered financing.

Never that. Al Maghribia Takaful also plans to expand the distribution of bidding sessions of the group’s external partners.

“With the creation of its subsidiary Al Maghribia Takaful, La Morocaine Vie also strengthens its commitment as a Responsible Insurer, contributing to the protection and financial inclusion of a part of the population without any insurance coverage.” , would like to remind its DG.

What about the operation?

As for the operation of the participating subsidiary, it is based on the creation of a Takaful insurance fund that collects donations from participants of which they are sole owners. The management of the funds is entrusted to an operator who undertakes to reverse the techniques of full benefits (which exist) for the participants.

Ambitious companion to the enlargement strategy of 3ème player in participatory finance in Morocco (now capturing 15% of market share) through a substantial expansion of its distribution network (which is expected to multiply by almost 4 in the next 3 years, from 14 agencies today ‘ today at 50 by 2025) and the development of a phygital model, Al Maghribia Takaful intends to position itself as a leading player in the participatory insurance market in Morocco, whose potential is estimated at one billion dirhams by 2027.

It cannot be concluded without mentioning the eligible assets that are intended to be an important topic for the Takaful, especially with regard to the investments of insurance companies. The sukuk market is not yet very developed in Morocco. “The only alternative is real estate and not a few stocks all of them because in order for them to comply with sharia, you have to do a radioscopy of the stock (sector, company indebted or not),” explains T. Lachcker.

Box: A visual identity that stands out from the codes of La Marocaine Vie

In illustrating the values ​​of mutual aid and solidarity by representing two superimposed and close hands, with a reference in parallel to the Muslim religion, suggested via two crescents forming a circle, the logo of Al Maghribia Takaful was designed to symbolize the strength of the Moroccan business model, based on the principle of risk sharing between participants.

In terms of colors, the orange was chosen to ensure a harmonious marriage with the visual identity of Dar Al Amane (as the first distributor of Al Maghribia Takaful), while benefiting from the gains and strength of the installed brand in the local participatory finance landscape since 2017.

Green, the favorite color of Islam, represented in the Moroccan flag through its star in the center, is also used to claim the Moroccanity of the brand to which the name refers.

Although the name provides a parallel to the Arabic one of the parent entity (Al Maghribia Lilhayat), Al Maghribia Takaful has its own identity, distinctive from that of La Marocaine Vie and the Société Générale group to illustrate the principle. unconventional insurance, avoiding confusion in the minds of customers.

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