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Islamic banks start launching Takaful Insurance

Morocco’s participatory bank officials are looking forward to 2019 with much hope to bring Takaful insurance into existence to allow for a full start to the products proposed by Islamic finance and thus attract more customers.

After achieving modest results a year and a half after the launch of participatory banks in the Kingdom, senior officials from two Islamic banks, understood this outcome, linking it to the fact that this system is new to Moroccans.

This comes after the Central Bank disclosed the proceeds of these banks to the limits of last October, which was the opening of 52 thousand bank accounts with the participating banks through 95 agencies in different cities of Morocco. Deposits amounted to MAD 1.321 billion, while Murabaha financing for the property and car was estimated at MAD 3.6 billion.

Fouad El-Harraz, General Manager of Greenbank, said in a speech at the 4th Rabat International Forum on Participatory Finance that these figures are encouraging and show that there is demand, but “numbers are not in the level of expectations and expectations.”

El-Harraz explained that the services currently available to the participating banks in Morocco do not exceed three, which is Murabaha for real estate, cars and equipment, pointing out that there is waiting for other products such as Ijara, investment accounts, savings and Takaful.

“The delay in these products makes things not go well,” said the bank’s senior official, Greenbank. “But the exit of sukuk sovereign sukuk last October into the market is important and a positive sign.

In a statement, El-Harraz said that these figures are generally encouraging, but he considered that participatory banks could achieve more. In this regard, he raised obstacles: “Some products are not available until now, Customers from requesting participatory funding”.

“Morocco has chosen to have a comprehensive system. To succeed, this needs some time. This is normal, and we expect 2019 to be an important year and will be the year to bring out all the necessary products for the participatory system,” he added.

Mohammed Benazouz, Commercial Director of Umniah Bank, said that any new activity faced constraints in starting out due to multiple interventionists. “Participatory finance includes 25 product topics. Countries that have reached the stage of full production have spent 50 years Of work, “and stressed in this regard that the output of the product Takaful to come into existence will give a strong impetus to participatory finance.

It is noteworthy that the output of all the products of the participatory banks in the Kingdom passes through a special ruler, which is under the control of the Supreme Scientific Council, Bank of Morocco and the Moroccan Capital Market Authority, in addition to the Insurance and Social Reserve.

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