Rabat, Morocco–-A Takaful insurance company will be established in Morocco by Qatar Islamic Bank, Atlanta Insurance and Moroccan Tourism and Real Estate Loan Bank (CIH) after the Moroccan Supervisory Authority of Insurance and Social Welfare (ACAPS) approved the decision.
Takaful is Sharia-compliant Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage. Takaful policies cover health, life, and general insurance needs.
The Takaful Insurance Company is expected to practice various types of Takaful insurance activities in Morocco in accordance with the regulations in force in the frameworks and legislation governing the work of insurance institutions, QNA reported.
The Atlanta Insurance Company will hold 60 percent of the shares, Moroccan Tourism and Real Estate Loan Bank (CIH) 20 percent and Qatar Islamic Insurance Company and QIIB 10 percent each.
