Morocco: Wafa Assurance adds Islamic insurance to group's business

Source: Middle East Insurance Review | Apr 2022

Wafa Takaful, among the first three Islamic insurers licensed in Morocco, consolidates the status of the Wafa Assurance Group, which is one of the biggest insurance groups in the country.

Wafa Takaful is a 100% subsidiary of Wafa Assurance. Its formation means that the group now operates in nine segments: corporate insurance, life insurance for individuals, non-life insurance for individuals, individual health, inclusive insurance, assistance, digital, international and now, takaful.

Wafa Takaful was licensed by the Supervisory Authority for Insurance and Social Welfare (ACAPS) in December 2021 to carry out family takaful, investment-type takaful and general takaful operations.

The takaful operation will commence operations with three kinds of products including death cover; multi-risk cover for the property mortgages; and long-term savings to ensure additional income during retirement. M

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