Algeria: El-Djazair Takaful's contributions reach around $600,000 in 2023
Source: Middle East Insurance Review | Mar 2024
Newly established operator El-Djazair Takaful has posted contributions exceeding DZD76m ($565,000) in 2023, announced El-Djazai Takaful CEO Mahfoud Ziane Bouziane to the news agency Algeria Presse Service. He said that in 2023, the company “was able to gain the trust of more than 2,100 subscribers”.
El-Djazair Takaful distributed its products through 10 agencies that were launched last year in different regions of the country. Mr Bouziane indicated that the company planned to double the number of agencies in 2024. He also said that the company was undertaking a study to launch an e-marketing agency this year.
He said that the company has signed seven agreements with public and private banks to distribute takaful products, adding that the company was “in negotiations with other private banks with Islamic windows”.
Eljazair Takaful was granted a licence in 2022 to carry out general takaful business in Algeria. The company’s shareholders include four state-owned insurers: SAA, CASH Assurances, CAAT and CAAR. The Algerian authorities issued regulations governing takaful in 2021. M