Morocco: Regulator issues first three takaful licences
Source: Middle East Insurance Review | Jan 2022
Three takaful operators have received approval from the Supervisory Authority of Insurance and Social Welfare (ACAPS) to launch their operations in Morocco last month. Morocco’s first takaful operators include Wafa Takaful (subsidiary of Wafa Assurance group), Attakafulia Assurances (subsidiary of MAMDA group) and Taaouiniyate Taamine Takafuli (subsidiary of Atlanta-Sanad group). Another two operators are reportedly in the process of receiving their license including Marocaine Vie and Axa Assurance Maroc.
The new operators, expected to start operations after completing the required legal procedure, will be active in providing services to Morocco’s participative (shariah-compliant) banks especially in the credit insurance field. Islamic banking in Morocco has been gaining traction and growing rapidly since first launched in 2017.
The first branches of takaful business to be launched in the country include mortgage takaful (consisting of death cover for the borrower), multi-risk residential property cover and savings products. The regulator will gradually open the door for companies to offer other takaful products in the future.
The authorities in Morocco issued the Islamic insurance regulations in November 2021, though the current insurance law was passed five years ago. According to observers, takaful is projected to control a market share of around 5% of the insurance market within the coming 10 years. M