Algeria: Feasibility study to be conducted on takaful

Source: Middle East Insurance Review | Mar 2017

The permanent secretariat of the National Insurance Council is preparing for a complete feasibility study on takaful in Algeria, including the legal, technical and economic aspects.

The secretariat has consulted relevant ministerial departments, market professionals and academics on the issue, said Mr Brahim Djamel Kessali, President of the Algerian Union of Insurance and Reinsurance Companies (UAR).

Speaking to Maghreb Emergent, he said: “Takaful has real potential in our country, but it requires a specific legal framework. It is necessary to welcome the approach initiated by the Ministry of Finance with a view to revising the Insurance Act, which gives the opportunity to include, among other provisions, basic rules and principles of takaful.”

Currently, the government is studying new funding sources for infrastructure and other public projects to revitalise the local economy. One such source is takaful.

At present, there is one takaful company in Algeria – Salama Insurance Algeria, a subsidiary of Salama-Islamic Arab Insurance headquartered in Dubai.

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