Morocco: 24% of Moroccans willing to subscribe to takaful
Source: Middle East Insurance Review | May 2019
A recent government study released last month indicates that 24% of Moroccans are ready to subscribe to takaful.
According to a report in the Today newspaper, the findings reveal the profile of Moroccans:
- The ‘convinced’, accounting for 22% of those polled, believe that takaful is in line with their values and Islamic insurance is long overdue;
- The ‘savvy’, forming 26%, who consider that takaful is in line with their values but there is a need to be cautious;
- The ‘undecided’ who represent 43%, say they could subscribe to takaful if they are convinced about its benefits; and
- The ‘intransigent’, comprising 9%, view takaful as a commercial product that exploits religion.
The study, conducted by marketing firm Kantar, polled a sample of 1,003 people aged at least 18 from the 12 regions of Morocco. This survey also revealed that 25% of Moroccans said they had already read, seen or heard about Islamic finance or participatory finance.
Meanwhile, takaful looks set to be launched this year. The texts of the law and related decrees are reportedly ready. M