Takaful to be Launched in Algeria

According to an official from the Algerian Union of Insurance and Reinsurance Companies (UAR), the first Takaful outlets in Algeria are planned to be opened in the first quarter of 2022 (1Q 2022).

Why it Matters?

The Algerian government approved a draft executive decree in February 2021, which lays out the requirements, regulations and procedures for conducting Takaful business in the country. Mahfoud Ziane Bouziane, Head of the Personal and Professional Risks Department of the state-owned National Insurance Company (SAA) and UAR official, noted that the classes of business will include motor, accident, personal and Islamic mortgage insurance.

Details

The Takaful products will have the same pricing as conventional i...