Finance

Morocco: Bank Al Yousr launches Islamic insurance product

Wednesday, 06 July 2022 18:41
Morocco: Bank Al Yousr launches Islamic insurance product

(Ecofin Agency) - The product is launched one month after the Islamic bank got an insurance brokering license. 

Bank Al Yousr, the Shariah-compliant subsidiary of Moroccan banking group Banque Centrale Populaire (BCP), announced the launch of Takaful Al Yousr, its first Islamic insurance product to be marketed in Morocco. The insurance product was set up in partnership with the Moroccan entity  Taawouniyate Taamine Takafuli, which is specialized in Islamic insurance (Takaful). 

The product covers death and disability, protecting the insured and relatives in case of death or permanent disability. It can be subscribed by Bank Al Yousr clients.  It is launched barely a month after Bank Al Yousr was granted an insurance brokering license. Indeed, in June 2022, the Moroccan Supervisory Authority of Insurance and Social Welfare (ACAPS) granted Bank Al Yousr and five other Islamic banks approvals authorizing them to market Islamic Insurance products. Thanks to the authorizations, they can market death/disability, personal injury, fire, natural disaster insurance, etc.  

The product launched by Bank Al Yousr will complement the insurance products already offered by its parent group, which went into Islamic finance in 2017. 

Let’s note that Takaful meets the needs of part of the population who were expecting alternatives to conventional insurance products. It will boost financial inclusion and enrich the Moroccan Islamic finance ecosystem. 

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