Bank Assafa launches Takaful insurance products

Bank Assafa, in partnership with Wafa Takaful, launched on Tuesday in Casablanca the sale of Takaful insurance products, an insurance perfectly in line with the opinion of the Conseil Supérieur des Oulémas.

Thus, Bank Assafa needs to innovate and fully operate the range of its participatory products in parallel with the completeness of the participatory finance ecosystem in Morocco. The goal is to be able to best meet the needs of an increasingly demanding clientele.

A wholly owned subsidiary of Attijariwafa Bank, Morocco’s largest banking and financial group, Bank Assafa has launched Takaful Insurance, a complementary product of the Mourabaha in its two variants with its insurer Wafa Takaful, a subsidiary of Wafa Assurance, Attijariwafa Bank and Al Mada.

L’assurance Takaful is based on the pooling of a Takaful fund consisting of several people (participants). This fund was used to insure these same people of potential risks that could affect them, to cover them against different types of damage (physical or material) that they would be likely to suffer.

Thus, “Assafa Takaful Ousra” is the first product of its kind marketed by Bank Assafa. It is agitated in a participatory insurance contract according to the opinions of the Conseil Supérieur des Oulémas, which guarantees the payment of a death capital or the absolute and final invalidity for the opening of the Mourabaha financing.

The second product “Assafa Takaful Dari” is a guarantee for customers who have benefited from Mourabaha real estate financing and allows the opening of financial assets against the following risks: Fires and explosions, Water damage and Ice breakage.

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