Algeria: Algeria United Takaful to launch new products in 2H
Source: Middle East Insurance Review | May 2023
Algeria United Takaful Insurance Company plans to launch new shariah-compliant insurance products aimed at serving individuals and institutions at the beginning of the second half of the year, the company announced in a statement last month.
The company currently offers only one product, which is insurance cover for Islamic banking financing. Algeria United Takaful director general Chakib Al-Qasimi Al-Hassani said that the operator intends to launch other products related to health, travel accidents, and insurance for corporations. He added that his company will offer a package of products which are equivalent to those offered by conventional insurers but in an Islamic form.
Mr Al-Hassani confirmed that all the products offered will be approved by the shariah supervisory committee where products, documents, management procedures and pricing method all will be in accordance with Islamic laws. In addition, the company will seek compliance with the National Sharia Authority for fatwas for the Islamic financial industry, which is empowered to grant conformity certificates for the marketing of Islamic financial products.
Algeria United Takaful, active in the family takaful field, is one of the two providers in the field of takaful in Algeria. The other operator is Algerian General Takaful, also known as ‘El Djazair Takaful’, specialised in general takaful offerings. Both were established in 2022 following the issuance of takaful laws in the country in 2021. M