AtlantaSanad, CIH Bank and Qataris QIIB and QIIC allied with Takaful Insurance

Lotfi Sekkat, CEO of CIH Bank, Sheikh Khalid bin Thani bin Abdullah al-Thani of QIIB and Mohamed Hassan Bensalah, CEO of Holmarcom Group. Credit: QNA

A Memorandum of Understanding (MoU) was signed in Casablanca between AtlantaSanad (Holmarcom Group), CIH Bank and the binomial Qatar International Islamic Bank (QIIB) and the Qatar Islamic Insurance Company (QIIC) to establish a Takaful insurance company in Morocco.

The memorandum states that AtlantaSanad will hold 60% of the capital of the new insurance company, CIH Bank 20%, QIIB 10% and QIIC 10%.

The memorandum of understanding for this insurance company specializing in insurance products compatible with crowdfunding was initialed in the presence of Sheikh Khalid bin Thani bin Abdullah al-Thani, Mohamed Hassan Bensalah, CEO of the Holmarcom Group and Chairman of the Board of Directors. ‘AtlantaSanad, Lotfi Sekkat, President of CIH Bank, Dr. Abdulbasit Ahmed al-Shaibei, QIIB Representative, and Ali Ibrahim al-Abdul Ghani, QIIC Representative.

This alliance is a new phase in the expansion of QIIB’s investments in Morocco, followed by the Qatari bank holding 40% of the capital of Umnia Bank, a participating bank backed by CIH Bank and the Caisse de dépôt et de gestion (CDG) which currently has 47 agencies in the kingdom.

Through its subsidiary Holmarcom Insurance Activities (HIA), Holmarcom announced last February the creation of Takafulia Assurances, dedicated to Takaful participatory insurance and approved by ACAPS, the regulator of the insurance industry. It was thus officially launching its activities with an immediate offer, Takaful Family and Takaful General, the group learned.

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