Abdellatif Jouahri, Governor of Bank Al Maghrib. MOHAMED DRISSI KAMILI / THE DESK
The granting of approvals to six participatory banks to present Takaful insurance products is a positive step forward in the participatory finance project, noted Tuesday in Rabat, the Wali of Bank Al Maghrib (BAM), Abdellatif Jouahri.
“We 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”, Jouahri said during a press briefing after the second meeting of the BAM Board of 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, insurance operations against water damage 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 to the promotion of 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 assent of the Superior Council of Ulemas whose purpose is to cover the risks provided for in the Takaful insurance or investment contract by a managed Takaful insurance fund, in return for management remuneration, by an insurance company approved to carry out Takaful insurance operations.