ACAPS grants approvals to six participating banks

The Insurance and Social Welfare Supervisory Authority (ACAPS) has just granted six participating banks the approvals to present Takaful insurance products.

In a press release, ACAPS explains that these are the products of companies that obtained, at the beginning of 2022, ACAPS approvals to practice Takaful insurance operations, noting that these approved Takaful insurance companies can now start this activity, following the assent issued by the Superior Council of Ulemas (CSO) relating to management regulations, Takaful insurance contracts and general regulations on redemption and advance.

In detail, ACAPS specifies that the Takaful insurance operations covered by the approvals relate to life and death, insurance operations against the risk of bodily accidents, insurance operations against fire and natural elements, insurance operations against glass breakage, insurance operations against water damage as well as Takaful investments.

Thus, the operationalization of Takaful insurance will promote and develop several products of participatory banks through new insurance offers, meet the needs of a segment of the population in terms of insurance coverage, thus contributing to the promotion financial inclusion of a large category of citizens who were waiting for an alternative to conventional insurance products and finally invest a significant part of the contributions collected under Takaful insurance contracts in the crowdfunding market informs the Authority.

In addition, ACAPS specifies that Takaful insurance completes the Moroccan ecosystem of participatory finance which has also just been strengthened by the publication of Opinion No. 17, relating to the amendment of the insurance chart of accounts following the introduction of insuranceTakaful“, issued by the Minister of Economy and Finance, Nadia Fettah Aloui, in her capacity as President of the National Accounting Council.

This new device, continues the same source, aims to support the strong growth experienced by the participatory finance sector in Morocco.

It should be recalled that Takaful insurance is an insurance operation carried out in accordance with the assent of the Superior Council of Ulemas whose purpose is to cover the risks provided for in the Takaful insurance or investment contract by a fund of Takaful insurance managed, for a management fee, by an insurance company approved to carry out Takaful insurance operations.

Takaful insurance operations and the management activity of the Takaful insurance fund by an insurance and reinsurance company may not, under any circumstances, give rise to the collection or payment of interest.

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