After obtaining its approval from the Insurance and Social Welfare Supervisory Authority (ACAPS) to carry out family takaful, investment takaful and general takaful insurance operations, and Dar Al Amane’s approval as as an insurance intermediary, Al Maghribia Takafula participatory subsidiary 100% owned by La Marocaine Vie, is starting its activity in Morocco, with strong ambitions.
A subsidiary conquering a new market
Al Maghribia Takaful was created to meet the protection needs of people wishing to subscribe to insurance solutions in accordance with the opinions of the Superior Council of Ulemas, excluding in particular the payment of interest to the operator (insurer)*.
Al Maghribia Takaful will offer an immediate offer of Takaful insurance to beneficiaries of crowdfunding, which will be followed by the sale of Multirisk Building products and then Takaful Investment Insurance.
The participatory subsidiary aims to further expand its range of longer-term products, particularly non-life insurance, to meet the needs of society and its partners.
The launch of Al Maghribia Takaful’s activity opens up new prospects for its parent company, La Marocaine Vie
Starting with the distribution of its products through the network of Dar Al Amane branches, Al Magribia Takaful strengthens the company’s integrated bancassurance model by supporting the development of Societe Generale Morocco’s participatory window, by conquering new customers, especially those hitherto reluctant to take out financing without Takaful coverage.
Ambitious to support the expansion strategy of 3th player in participatory finance in Morocco (today capturing 15% of the market share) through a substantial expansion of its distribution network (which should be multiplied by nearly 4 in the next 3 years, going from 14 agencies today 50 by 2025) and the development of a phygital model, Al Maghribia Takaful intends to position itself as a key player in the participatory insurance market in Morocco, whose potential is estimated at one billion dirhams by 2027.
Promoting an open architecture approach, Al Maghribia Takaful also plans to expand the distribution of its offers to partners outside the group.
With the creation of its subsidiary Al Maghribia Takaful, La Marocaine Vie is also strengthening its commitment as a Responsible Insurer, by contributing to the protection and financial inclusion of a part of the population not benefiting from any insurance cover.
Al Maghribia Takaful also aims to participate in the development of participatory insurance in the local landscape. Numerous popularization and communication actions aimed at the general public are planned in particular to create the conditions of trust.
By simultaneously diversifying its areas of expertise and its activities, La Marocaine Vie is reaffirming its vocation as a reference insurer in Morocco, present alongside its customers in the moments that matter.
The General Manager will be responsible for supporting the implementation of the strong strategic ambitions of the new subsidiary.
Took office on 1er June 2022 the day after his appointment by the Board of Directors, Abdelkrim Fazazi becomes Managing Director of Al Maghribia Takaful.
His mission is to implement the strong ambitions of the subsidiary of La Marocaine Vie, by supporting the growth of Dar Al Amane and by gradually installing the Al Maghribia Takaful brand in an emerging market in Morocco.