Morocco: First draft takaful rules likely to be issued in March

Source: Middle East Insurance Review | Mar 2017

The insurance regulator, the Insurance and Social Insurance Supervisory Authority (ACAPS), is currently drafting regulations to allow takaful operations in Morocco, said media reports. The first draft decree is expected to be ready in early March.

However, the date when the takaful regulations actually enter into effect will depend on the pace of consultations with all relevant stakeholders, reported the news website challenge.ma.

Morocco’s Insurance Code was amended last August to establish the legal framework for Islamic insurance and reinsurance operations.

Recently, Morocco’s Central Bank gave approval for the establishment of five Islamic banks in the country and allowed three French banks to sell Islamic products. However, the lack of takaful regulations might affect the momentum of Islamic banking, according to the reports.

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