Morocco: Government adopts draft takaful law

Source: Middle East Insurance Review | Jun 2015

The Moroccan government has adopted a bill to regulate Islamic insurance, the text of which will be submitted to lawmakers later this year, it said in a government statement.

The draft law covers the necessary permits, types of insurance and modes of operation for takaful operators. It provides for takaful operators to be set up as separate companies rather than as windows of conventional insurers. Shariah-compliant insurance will be overseen by the same Shariah board in charge of Islamic banking.

The bill also includes some amendments of the law regulating the conventional insurance sector.

Earlier this year, the government issued a decree on the creation of a council to oversee the takaful sector.

The insurance market in Morocco saw premiums grow by 6.3% in 2014 to MAD28.4 billion (US$2.9 billion), according to figures from Moroccan Federation of Insurance and Reinsurance Companies (FMSAR). There are currently 17 insurance companies in the country.

MAD1 = US$0.10

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