Takaful insurance: ACAPS grants approvals to six participative Moroccan banks

The Moroccan Insurance and Social Security Supervisory Authority (ACAPS) has granted approvals to six participative banks to present Takaful insurance products.

These are the products of insurance companies which at the beginning of 2022, were authorized by ACAPS to carry out Takaful activities in Morocco.

The new approvals cover life and death insurance, bodily injury, fire and natural elements, glass breakage, water damage and Takaful investment.

The implementation of Takaful insurance in the Kingdom allows to :

• Promote and develop several products of participative banks through new insurance offers
• meet the needs of a segment of the population in terms of insurance coverage
• invest a significant part of the contributions collected through takaful insurance contracts in the participative finance market