Four parties have signed a memorandum of understanding (MoU) to establish a takaful venture in Morocco to meet demand in the market for Islamic insurance. The four are Casablanca-based AtlantaSanad Assurance, Moroccan Tourism and Real Estate Loan Bank (CIH), Qatar International Islamic Bank (QIIB) and Qatar Islamic Insurance Company (QIIC).
The MoU stipulates that shares in the venture will be allotted 60% to AtlantaSanad, 20% to CIH, and 10% each to QIIB and QIIC.
“The main purpose of establishing the company is to carry out takaful activities of all kinds in Morocco in accordance with the rules and regulations in force within the framework and legislation governing the work of insurance institutions in the country.
“The signing of the MoU to establish the takaful insurance company in Morocco constitutes a new expansionary phase in QIIB’s investments in Morocco, as the bank contributes 40% of the capital of the Moroccan Umnia Bank, which currently has 47 branches across various regions and cities of Morocco,” a statement said.
Morocco’s Insurance and Social Welfare Supervisory Authority gave a takaful licence to AtlantaSanad in December 2021, making the company one of the first three insurance companies in the country to receive an Islamic insurance licence. M