Morocco: Takaful contributions cross $1m in first year of operation

Source: Middle East Insurance Review | Jun 2023

Shariah-compliant insurance providers in Morocco have generated contributions totalling MAD11.8m ($1.18m) in 2022, the first year of their operations, according to data released by the Insurance and Social Welfare Control Authority (ACAPS).

In its report, ‘Insurance and reinsurance sectors in 2022’, ACAPS noted that life insurance (family takaful) business accounted for the lion share (84%) of takaful contributions, followed by the fire branch (10%) and individual takaful investment insurance (5%).

In comparison, in 2022, the overall Moroccan insurance sector continued ‘its good performance’ by achieving a premium volume of MAD57.5bn, representing growth of 9.7% over 2021, the ACAPS report said.

The regulations governing takaful insurance in Morocco came into force in October 2021. Takaful licences have been granted to four companies and one retakaful operator under these regulations. M

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