Bank Assafa and Wafa Takaful officially launch marketing of takaful insurance products. Youssef Baghdadi, Chairman of Bank Assafa, and Mohamed Ibrahimi, Managing Director of Wafa Takaful, provide an update on the products launched and the next steps to take.
Bank Assafa, in partnership with Wafa Takaful, launches an insurance operation carried out in accordance with the opinion of the Supreme Council of Ulema (CSO).
The purpose of takaful insurance is to cover the risks stipulated by the insurance contract with a takaful insurance fund managed for a fee for the management of an insurance company authorized to carry out takaful insurance operations. This transaction may not, under any circumstances, lead to the collection or payment of interest.
During a press briefing on Tuesday, June 21, Youssef Baghdadi, Chairman of the Board of Bank Assafa, said that “takaful insurance is currently in place. Our clients signed takaful contracts. We have already signed up for more than a hundred transactions “.
For his part, Mohamed Ibrahimi, General Manager of Wafa Takaful, returned to the main characteristics of the activities carried out by Wafa Takaful.
“Wafa Takaful is a 100% subsidiary of the Wafa Assurance Group. It is a regulated takaful insurance operator (…) The takaful industry is based on the sharing of funds between the participants and the takaful operator. All contributions from the shares collected are managed within the fund, which has legal personality and full financial autonomy between the shares collected and the capital of the takaful operator. »
“Today we approved 7 model contracts. We’re going to start with the marketing of death products and multi-risk home and professional products. This is a logical choice because the priority is to cover the funding allocated so far, which is approximately 17 billion dirhams. The introduction of product takaful solutions will allow customers who have been waiting for this product to calmly approach takaful financing. Gradually, we will introduce other solutions,” he says.
Two products are now on sale:
> Assafa Takaful Usra A: This co-insurance policy guarantees the payment of capital in the event of death or disability to cover Murabaha financing.
> Assafa Takaful Dari : This insurance, designed for clients who have taken advantage of Murabaha property financing, covers property against risks such as fires and explosions, water damage, glass breaking and natural disasters. The general manager has indicated that this product has been approved. It remains to complete a few steps before it can enter the market from this week.
The second phase of the launch of Takaful insurance consists of “improving already launched products by providing new guarantees. By the end of the year we launching our first investment product in regards to retirement knowing that the co-financing arsenal is making great strides since the chart of accounts was approved by the CSO last week. And there we expect in the next few days, even in the next few weeks, the first Sharia index, which will allow us to bring customer shares in line with the opinion of the CSO.”
According to his Mohamed Ibrahimi, Wafa Takaful aims to become the leader of the takaful industry in Morocco.
Assaf Bank in numbers
Assaf Bank, launched in 2017, has forty branches, two mobile branches and a digital branch in 21 cities in the Kingdom.
deposits the client base of this equity bank reached 1.6 billion dirhams. Outstandingmeanwhile, is 5.1 billion dirhams.
The products offered by Assafa Bank refer to murabaha financing in several forms: murabaha acquirer, murabaha for real estate development, murabaha for raw materials, murabaha equipment and murabaha rolling stock.
“We can provide all the solutions for all the needs of the real economy. Participating banks do not lend money. They finance projects. Participatory finance does not encourage over-indebtedness,” emphasizes Youssef Baghdadi.
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