(Ecofin Agency) – Five months after obtaining its approval to create an Islamic insurance window in Morocco, La Marocaine Vie announced the start of the activities of this entity, with the initial presentation of three Sharia-compliant products.
La Marocaine Vie announced on Tuesday, June 28th, the launch of the activities of its subsidiary Marocaine Takaful, a subsidiary of participatory insurance. This will offer family takaful, general takaful and investment takaful products.
The first product will provide coverage in the event of death or disability of the insured. The second will provide protection against housing-related and miscellaneous risks. The contract will provide the insured with coverage against losses incurred in the event of fire, miscellaneous damages, catastrophic events and related risks related to the building. The third allows the insured to benefit, on a predetermined date, from a capital in exchange for several contributions.
“The need for these Islamic insurance products is increasing. Many people do not want to delve into traditional banking transactions, and they need these insurance products,” Abdelkarim Fazazy, general manager of Moroccan Takaful, notes.
After these first products, this new window for Islamic insurance will expand its current offering by integrating non-life and other specific products.
The launch of this subsidiary comes five months after the insurance company obtained the approval of the Moroccan Authority for the Supervision of Insurance and Social Welfare (Acaps), with the aim of establishing a Takaful insurance subsidiary. With this structure, La Marocaine Vie, a subsidiary of Moroccan banking group Societe Generale, hopes to work in synergy with Dar Al Aman, the Islamic branch of Societe Generale Maroc.
Last January, after the insurance company obtained a takaful insurance license, Tawfiq Lachkar Haidara, its managing director, pointed out in columnsecoactu.ma Magharebia Takaful will start its activities “As part of the strategic alignment with Societe Generale Bank Morocco”.
“La Marocaine Vie and Société Générale Maroc are based on an integrated bank guarantee model”, I continued, before you determined that there “real market” Islamic insurance in Morocco.
Chamberlain Moko
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