Participation banks: what will Takaful insurance change

Participation banks: what will Takaful insurance change

by Khalil Al Rashidi On 07/17/2022 at 10:36 pm.

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Booth 360. Takaful insurance has entered the market, waiting for professionals. What will he achieve after four years of launching participatory banks? Some of the answers are in this La Vie Eco weekly press review.

Now it’s official: More than four years after the launch of takaful banks, takaful insurance is finally entering the market. Six participating banks have already obtained approvals to provide Takaful insurance reports and products Echo Live In its weekly delivery.

These Takaful operations were subject to approvals obtained at the beginning of the year from The Supervisory Authority for Insurance and Social Care (ACAPS). It relates to life and death insurance, insurance operations against bodily injury risks, fire and natural elements, glass breakage, and water damage. These operations also relate to investment in takaful.

Once the takaful insurance was launched, clients who took out real estate loans expressed interest in subscribing to insurance on their property. On the other hand, there are rebels who, despite signing a commitment while contracting for financing, require subscribing to the insurance contract as soon as it comes into force.

Despite this frequency, Echo LiveIt brings that the pace of Takaful subscriptions is progressing according to the targets set by the banks. “In two to three months, we will sell the stock for subscription. Currently, one hundred customers have responded,” Youssef Baghdadi, Chairman of the Board of Directors of Al-Safa Bank, announces in columns Eco Live.

This situation causes the weekly to say that “the missing link for crowdfunding has been completed”. Evidenced by the explanations of Hakim Ben Said, president of the Moroccan Association of Participatory Finance Professionals (AMPF). Bin Saeed notes that “the urgency of the banks now is to cover the financing that has already been granted.”

After this stage, the expert continues, “then comes the stage related to the generalization of death / disability coverage for people, without contracting them for financing in advance.” From there, bin Said concludes, “Banks should start marketing multi-risk building insurance and, ultimately, savings and investment.”

Written by Khalil Rushdie

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