Morocco: Licensing 6 participating banks to offer takaful products
Source: Middle East Insurance Review | Jul 2022
The Insurance and Social Welfare Supervisory Authority (ACAPS) granted approval to six participating banks to offer takaful products in Morocco last month. A statement issued by ACAPS said that the banks will offer products of takaful operators which were licenced at the beginning of 2022.
The Authority indicated that the takaful operations which banks can offer include insurance covers for life and death, personal accidents, fire and natural catastrophes, glass breakage, risks of losses resulting from floods, and takaful investment.
ACAPS stressed that activating takaful will enable the promotion and development of many products of the participatory banks through offering new takaful products, and responding to the needs of a group of citizens, which will thus contribute to enhancing the financial inclusion of an important segment of citizens that has been waiting for an alternative to insurance products. M