The granting of approvals to six participatory banks to present the “Takaful” insurance products constitute a positive step forward in the participatory finance project, a statement, Tuesday in Rabat, of the Wali of Bank Al Maghrib (BAM), Abdellatif Jouahri.
” We have worked in consultation with the Insurance and Social Welfare Supervisory Authority (ACAPS) and the Superior Council of Ulemas to grant these approvals to participating banks“, said Mr. Jouahri, during a press briefing held after the second meeting of the BAM Board of the year 2022.
” We are in the process of seeing with the partners the possibility of allowing past operations to benefit from this insurance.“, he asserted.
The Takaful insurance operations, subject of approvals, relate to life and death, insurance operations against the risk of bodily accidents, insurance operations against fire and natural elements, insurance operations against glass breakage, water damage insurance operations and Takaful investment.
The operationalization of Takaful insurance will make it possible to promote and develop several products of participatory banks through new insurance offers, as well as to meet the needs of a segment of the population in terms of insurance coverage, thus contributing, promoting the financial inclusion of an important category of citizens who were waiting for an alternative to conventional insurance products.
Takaful insurance is an insurance operation carried out in accordance with the adapted opinions of the Superior Council of Ulemas whose purpose is to cover the risks provided for in the Takaful insurance or investment contract by a Takaful insurance fund managed, compensated management remuneration, by an insurance company approved to carry out Takaful insurance operations.