Finance

Morocco: Bank Al Yousr launches Islamic insurance product

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

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. 

Chamberline MOKO

On the same topic
Bank exits non-sovereign shareholders to protect multilateral status Move aims to avoid losses in future sovereign debt restructurings Institution...
Awash Bank becomes fourth company listed on Addis exchange Move adds depth to a market launched in 2025 Listing reflects broader financial sector...
New agency aims to mobilize public savings for business financing Initiative targets key sectors including agriculture and mining Move...
Norfund and Ghanaian pension manager Axis Pension Trust commit a combined $20 million to Growth Investment Partners, BII's SME platform in...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...

AFC Backs First Green Project Finance Bond for 66MW Côte d’Ivoire Solar Plant
04

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
05

MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...

MTN Ghana tightens controls on mobile money agents over fraud concerns
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.