Takaful insurance: ACAPS approves 6 banks

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

The approvals concern the products of the companies that have been approved by the ACAPS at the beginning of 2022 to practice Takaful insurance operations. It should be noted that these authorised Takaful insurance companies can now start this activity, following the approvals issued by the Higher Council of Ulema (CSO) regarding the management regulations, takaful insurance policies and the general regulations on repurchase and advance.

The approved Takaful insurance operations are related to life and death; personal accident insurance operations; insurance operations against fire and natural elements; insurance operations against glass breakage; water damage insurance operations; and takaful investment.

The activation of the Takaful insurance will allow the promotion and development of several products of participative banks through new insurance offers; satisfy the needs of a segment of the population in terms of insurance coverage, thus contributing to the promotion of financial inclusion of an important category of citizens who were waiting for an alternative to conventional insurance products; and investing a significant part of the contributions collected from takaful insurance policies in the participative finance market.