Bank Al Yousr launches its brand of participatory insurance products and signs the market's first Takaful contract

Bank Al Yousr, participatory bank of the BCP group, is expanding its offer through the launch of Takaful insurance products, after the granting of approval by the Insurance and Social Welfare Control Authority (ACAPS).

After obtaining its approval on Friday, June 17, 2022 as an approved insurance intermediary, Bank Al Yousr now has the possibility of directly marketing its participatory insurance products, in partnership with Taawouniyate Taamine Takafuli (subsidiary of the BCP group).

Takaful Al Yousr, the first product marketed by Bank Al Yousr, concerns death/disability insurance. This is a cover that protects the customer and his relatives, in the event of death or absolute and permanent disability, by ensuring the reimbursement to the bank of the capital remaining due.

This product is intended for all of the bank’s customers, individuals, professionals or businesses, who have received financing of any kind whatsoever.

As a reminder, the principle of Takaful insurance is based on contributions from policyholders in the form of pledges throughout the duration of the contract. It also offers several features:

– Coverage for all financing granted by Bank Al Yousr
– 100% coverage of the financed amount
– Coverage for all financing terms
– A periodic or one-off contribution according to the terms of the special conditions.

Takaful insurance has a significant difference from conventional insurance. The surpluses of the Takaful fund are distributed to the policyholders, while in the case of conventional insurance, the surpluses belong to the insurance companies.

The crowdfunding offer is now supplemented by Takaful Al Yousr insurance products for the peace of mind of customers and the protection of their investments, both personal and professional.

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