Bank Assafa and Wafa Takaful officially launch marketing of Takaful insurance products. Yousef Baghdadi, Chairman of the Board of Bank Assafa, and Mohamed Ibrahimi, Managing Director of Wafa Takaful, summed up at a press briefing on Tuesday, 21, on the product launch and the next steps to be taken.
Bank Assafa, in partnership with Wafa Takaful, is officially launching the marketing of Takaful insurance products, insurance that is fully in line with the positions of the Supreme Council of Ulema (CSO).
Takaful Insurance is an insurance operation carried out in accordance with the conclusions of CSOs, the purpose of which is to cover the risks provided for in the insurance contract, Takaful Insurance Fund, which is managed for a fee by the company’s insurance company. authorized to carry out insurance operations takaful. Under no circumstances may this transaction result in the recovery or payment of interest.
During the conference, Yousef Baghdadi, Chairman of the Board of Bank Assafa, said: “Takaful Insurance is now valid. Our clients signed takaful contracts. We have already subscribed to more than a hundred operations “.
For his part, Mohamed Ibrahimi, General Manager of Wafa Takaful, returned to the main characteristics of Wafa Takaful.
“Wafa Takaful is a 100% subsidiary of the Wafa Assurance Group. It is a regulated insurance operator of takaful (…) The takaful industry is based on the division between the participants’ funds and the takaful operator. All contributions from the collected shares are managed within the fund, which has the status of a legal entity and full financial autonomy between the shares to be collected and the own funds of the operator Takaful.
“Today we approved 7 standard contracts. We are going to start with the marketing of Death products and products for home and professional service with many risks. This is a logical choice, as the priority is to cover the funding that has been provided so far, which is about 17 billion dirhams. The implementation of Takaful product solutions will allow customers who have been waiting for this product to calmly approach Takaful financing. Gradually, we will implement other solutions, “he said.
Now two products will be presented on the market:
> Asafa Takaful Usra : a participation insurance contract that guarantees the payment of capital in the event of death or incapacity to cover Murabaha’s financing.
> Assafa Takaful Dari : Insurance designed for clients who have used Murabaha real estate financing and covers property from risks such as fires and explosions, water damage, broken glass and natural disasters. The Directorate General noted that this product is licensed. There are a few steps to take before it can be released this week.
The second step in launching Takaful Insurance is to “improve products that have already been launched by providing new guarantees. We will be by the end of the year launch our first investment product regarding retirement, knowing that the arsenal of fundraising has been significant since the chart of accounts was approved by CSOs last week. And there we expect in the next few days, even the next few weeks, 1is Sharia index, which will allow to place the participation of clients in accordance with the opinion of CSOs, “he continues.
According to its CEO, Wafa Takaful aims to become the leader of the Takaful industry in Morocco.
Assaf Bank in numbers
Launched in 2017, Assafa Bank has 40 branches, as well as 2 mobile branches and 1 digital branch. These agencies are distributed in 21 cities of the kingdom.
The deposits the customers of this participating bank reached DH 1.6 billion. Outstandingmeanwhile is 5.1 billion dirhams.
The products offered by Bank Assafa concern Murabaha financing in several forms: Murabaha buyer, 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 give money. They finance projects. Co-financing does not contribute to excessive debt, “said Yousef Baghdadi.
Here is a live broadcast of the conference from Médias24: