Rabat – Moroccan insurance and finance group Holmarcom has launched Takafulia Assurance, the first Islamic insurance company in Morocco.
After acquiring a license from Morocco’s insurance watchdog, the Insurance and Social Welfare Supervisory Authority (ACAPS), the Takafulia Assurance started offering its new services to the public, according to a February 10 press release.
In line with the company’s broader vision to diversify its activities, Takafulia Assurance will gradually develop insurance services covering individuals, professionals, and businesses.
With the Takafulia Assurance, Holmarcom aims to contribute to Morocco’s developing Islamic financing ecosystem.
Moroccan Lakbira Sbeih is at the helm of the Takafulia Assurance as deputy general director. Sbeih has extensive experience in insurance as she has previously worked for AtlantaSanad Assurance.
“Takafulia Assurance offers family insurance packages including life insurance, investment-saving packages, and a special ‘Takaful General,’ involving multirisk insurance for real estate,” specifies Sbeih.
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“The Takafulia packages target the market segment looking to sign up for insurance products conforming to Sharia principles,” said the deputy director.
Islamic or participative banking is relatively young and, in many respects, underdeveloped. The new participative insurance institution is a step forward as experts note that the absence of participative insurance providers hinders the development of Islamic financing in the country.
In 2021, Islamic banking was the fastest-growing subsector in Moroccan banking, according to data from Bank Al-Maghreb, Morocco’s central bank.
Islamic financing for housing loans grew exponentially in 2021, with a 32% year-on-year increase, the highest rate across the spectrum, suggests the same source.
Valued at $2.2 trillion in 2021, Islamic financing is a highly competitive landscape, with major players concentrated mainly in the Middle East region.
Morocco’s banking landscape currently holds five participative banks and three participative financing windows for microloans.
Read Also: Islamic Financing on the Rise in Morocco
