Takaful Insurance: A “Positive” Progress (Mr. Joahri)

Tuesday, June 21, 2022 at 6:35 p.m.

Rabat – The granting of approvals to six participating banks to present “Takaful” insurance products is a positive step in the field of participatory finance, Bank Al Maghrib (BAM) Wali said in Rabat on Tuesday. Jouahri.

“We have workers in consultation with the Insurance and Social Security Control Authority (ACAPS) and the Conseil supérieur des Oulémas to grant these approvals to the participating banks”, said Mr. Joahri, during a press conference held at the end of the second BAM Board meeting in 2022.

“We are looking at partners with the possibility of benefiting from the past operations of this insurance,” he said.

Takaful insurance operations, which are subject to approvals, cover life and death insurance, insurance against the risk of personal injury, insurance against fire and natural elements, insurance against ice breakers, water damage insurance operations and Takaful investment.

The Takaful insurance operation will allow it to promote and develop more participatory banking products through new insurance offerings, so as to meet the needs of a segment of the population in terms of insured coverage, thus contributing to the promotion of the financial inclusion of an important category of citizens participating in an alternative to conventional insurance products.

Takaful insurance is an insurance transaction carried out in accordance with the advice of the Conseil supérieur des Oulémas for the purpose of covering the risks provided for in the Takaful insurance or investment contract by a Takaful insurance fund managed, by means of a management fee. , through an insurance company approved to carry out Takaful insurance operations.

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