Morocco to Launch First Takaful Business Branches

Mortgage Takaful business consisting of death cover for the borrower, multi-risk residential property cover and savings products will be inaugurated in Morocco with the first branches to be opened shortly.

Why it Matters?

The three initial categories of Takaful products will be used to test the exchange and cooperation between Takaful companies, the insurance regulator - Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Higher Council of Ulema. Other insurance products will be introduced later and is to include, work accident, group life and illness among others. The Finance News Weekly reported that mortgage Takaful is positively anticipated by Islamic banks as currently, real estate Murabahah financing of approximately MAD 16 bill...