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Mar 2024

Morocco: Takaful market to open for both family & general lines

Source: Middle East Insurance Review | Oct 2017

All classes of business will be open to takaful operators simultaneously when Islamic insurance is launched in the country, which is expected to be by next year.
 
   This encompasses a very wide range of operations: life and death, industrial accident and illness, property, assistance and even the more specialised classes such as marine insurance, reported La Vie Eco.
 
   The proposed move has disconcerted insurance players who had been expecting that takaful business would be introduced to the market in phases. Insurance professionals expected that the first authorised takaful products would be limited to family takaful (death, disability, savings and retirement, workplace accidents, etc). This was to be followed a few years later by general takaful.
 
   The insurance regulator, the Insurance and Social Insurance Supervisory Authority (ACAPS), has circulated a draft of the takaful framework to the industry for consultation and feedback. The discussions are expected to be completed at the end of September. However, more time is needed before takaful solutions are offered in the market for the Higher Council of Ulema to set guidelines and for takaful operators to be licensed. M 
 
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