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Islamic insurance launched in Morocco

After Atlanta Sanad Assurances, Holmarcom continues its development in the insurance sector in Morocco, with the launch of an Islamic insurance company. The new structure was created a few months after the entry into force of Takaful insurance in Morocco.

The diversified Moroccan group, Holmarcom, has launched a new insurance company which will have the specificity of offering products that comply with Islamic law, Sharia. Called Takaful Assurances, it is owned by Holmarcom Insurance Activities, the division dedicated to the group’s insurance activities.

This participatory insurance company, which has received its approval from the Insurance and Social Welfare Supervisory Authority (ACAPS), will offer two insurance products on the market, namely: Takaful Family, which includes death insurance and investment insurance relating to savings products and Takaful General, which targets asset financing coverage.

“Endowing with all the means necessary for its growth, Takafulia Assurances intends to gradually develop a diversified Takaful insurance offer, in accordance with the principles of Sharia and the opinions of the Superior Council of Ulemas, intended for individual, professional and corporate customers”, specifies Holmarcom in the note announcing the launch of the new company.

In Morocco, Takaful (Islamic) insurance came into force in October 2021, after the approval of the activity by an order of the Ministry of Economy and Finance and the publication by ACAPS of the circular relating to the application of the provisions of the Insurance Code relating to Takaful insurance.

These provisions have made it possible to unveil the terms of application of Takaful insurance in Morocco, and Acaps awarded its first 3 approvals last December to companies wishing to carry out Takaful insurance operations. At the beginning of January, two other insurers also obtained these approvals.

With the creation of Takafulia Assurances, Holmarcom is diversifying its insurance division in Morocco, after Atlanta Sanad Assurances. The new entity aims to contribute to the development of Takaful insurance in Morocco and more generally, participatory finance.

Reached by the leboursier.ma site last December, the Moroccan Fouad Harraze, an expert in participatory finance, indicated that Islamic insurance will help “strengthen the financing activity, but also the deposit activity. With Takaful, the participatory bank can offer remunerated savings products […] Having this insurance will increase the figures linked to the evolution of the activity”.

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