Algeria: Takaful company's first commercial agency starts operations
Source: Middle East Insurance Review | Feb 2023
El Djazair Takaful has opened its first commercial agency in Algiers, specialising exclusively in offering all types of general takaful products. The agency will gradually market all classes of insurance currently offered in the market - such as motor, home, property, transport (land, sea and air), as well as agriculture, reported Algerian Press Service citing a statement issued by the company.
“The marketing of takaful insurance products has the strategic objective of offering an alternative to the different categories in Algerian society and laying the foundations for an ecosystem of Islamic finance in our country, within the framework of the general policy and the government plan adopted by the country’s top authorities,” the statement said.
El Djazair Takaful was established in February 2022 with its capital funded by state-owned operators in the insurance and banking sectors. These consist of four public-sector insurance companies (Algerian Insurance Company, Algerian Hydrocarbon Insurance Company, Compagnie Algérienne des Assurances and Compagnie Algérienne d’Assurance et de Réassurance as well as the six public banks, CNEP Bank, National Bank of Algeria, External Bank of Algeria, Bank for Agriculture and Rural Development, Local Development Bank and Crédit Populaire d’Algérie.
Meanwhile, the CPA has signed separate agreements with El-Djazaïr Takaful and El-Djazaïr El-Moutahida Family Takaful to improve the credit risk management of Islamic financial products offered by the CPA to its customers. M