Last month, Cardif El-Djazair and Generale Assurance Mediterraneenne (GAM) received licences to open takaful windows in Algeria, as stated in the Official Gazette issues number 94 and 95.
The granting of the licences to the two insurers followed an executive decree issued last year that sets out the terms and conditions for carrying out takaful business in the country. The terms state that for a start, the takaful windows will be offering coverage for vehicles, accidents, life and Islamic bank loans.
GAM’s licence allows it to carry out general takaful business, covering accidents, health, motor, rail, sea and air transport, cargo, as well as fire, explosion, natural disasters and other property damage and liability.
Cardif El-Djazair’s window will offer family takaful services which include coverage for accidents, illnesses, and assistance. The company will also offer family takaful products linked to investment funds, savings, as well as collective provident protection. M