The authorities in Morocco are urged to accelerate the process of introducing a regulatory framework for takaful, given the high expectations of Islamic insurance especially from banking clients who demand takaful coverage, said Mr Koudama Zeroual, managing director of Takaful Insurance – Wafa Assurance.
Participatory finance in Morocco would benefit from an appropriate regulatory framework by adapting the laws relating to the three main components of the ecosystem, namely participatory banks, takaful and the financial market, while respecting the opinion of the ulemas, TelQuel quoted him as saying.
He noted that the authorities had introduced Islamic banking into the banking code, a process which took nearly four years before the first participatory banks started operations.
As for the insurance sector, the regulator is building the foundations of a new sector. “It is obvious that it will take the necessary time,” Mr Zeroual said, adding however that the process needs to be sped up.
A takaful law was passed in 2015, but supporting regulations have not been finalised for the launch of Islamic insurance. Time is needed too for the Higher Council of Ulema to set guidelines and for takaful operators to be licensed.
He said the draft texts, which comprise the draft of the order of the Minister of Economy and Finance on takaful and a draft circular of the Insurance and Social Insurance Supervisory Authority (ACAPS) setting out the specific provisions for takaful, had been presented to the Moroccan Federation of Insurance and Reinsurance Companies by ACAPS and discussed and amended. These draft texts have been submitted to the Higher Council of Ulema.
He said the Attijariwafa Bank group, to which Wafa Assurance belongs, has started Islamic banking. “As part of the synergy within our group, it is natural that participatory insurance should follow,” he said.
The group established a takaful subsidiary last year, and appointed Mr Zeroual as its managing director. He said, “We are convinced within the Wafa Assurance group that the takaful industry will provide an additional growth driver for the Moroccan insurance sector.” M