Takaful operations in Morocco are expected to commence within the first three months of 2020, according to Mr Hassan Boubrik, president of the Insurance and Social Insurance Supervisory Authority (ACAPS).
He said, “In other countries, takaful and generally participatory finance are between 5 and 10% of the size of the insurance market. I hope that we will reach these levels in Morocco."
According to a report in Morocco Today, Mr Boubrik stated that the ACAPS has been working on the regulatory texts for the implementation of takaful. "We are in the home stretch," he said. The Higher Council of Ulema will have to give its assent on all the regulatory texts.
He said that prospective players are preparing for the launch of takaful. Expressions of interest have been given.
"Probably in the first quarter of 2020, we can have an effective start to takaful," he said.