La Marocaine Vie, Société Générale group, launches its participatory insurance subsidiary

It’s official. The insurance company La Morocaine Vie, a subsidiary of the Société Générale group, has just launched its company Takaful, during a press conference organized in Casablanca, on Tuesday, June 28, 2022. Named Al Maghribia Takaful, the new entity has started the official activity , thus nurturing strong ambitions. Created to meet the protection needs of people wishing to take out insurance solutions in accordance with the opinions of the Conseil Supérieur des Oulémas, “Al Maghribia Takaful proposes an immediate offer of insurance to people receiving participatory financing, which will be followed by sale Multi-Risk Building Products and then Takaful Investment Insurance, ”explained Taoufik Lachkar Hidara, General Manager of Moroccan Life and Chairman of the Board of Directors of the new entity.

The participating subsidiary aims to further expand its offering of longer-term products, especially non-life insurance, to meet the needs of the company and its partners.

Starting with the distribution of its products through the branch network of Dar Al Amane, a participatory bank of the Société Générale group, “Al Maghribia Takaful strengthens the company’s integrated bancassurance model by supporting the development of the participatory window of Société Générale Maroc, going to the conquest of new customers, especially those hitherto reluctant to take financing without Takaful coverage, ”said Abdelkrim Fazazi, CEO of Al Maghribia Takaful.

Ambitious to support the expansion strategy of the 3rd largest player in participatory finance in Morocco (now capturing 15% of market share) through a substantial expansion of its distribution network (which should be multiplied by almost 4 in the next 3 years, from 14 agencies today to 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 in Morocco, whose potential is estimated at one billion dirhams by 2027.

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