It’s official. The Moroccan Life insurance company, a subsidiary of the Societe Generale group, has just launched its Takaful company, during a press conference organized in Casablanca, Tuesday June 28, 2022. Baptized Al Maghribia Takaful, the new entity officially starts its activity , thus nurturing strong ambitions. 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, “Al Maghribia Takaful offers an immediate insurance offer to beneficiaries of crowdfunding, which will be followed by the sale of multi-risk building products and then of Takaful investment insurance”, immediately explained Taoufik Lachkar Hidara, general manager of Marocaine Vie and chairman of the board of directors of the new entity.
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.
Starting with the distribution of its products through the branch network of Dar Al Amane, a participatory bank of the Societe Generale group, “Al Maghribia Takaful strengthens the company’s integrated bancassurance model by supporting the development of Societe Generale Morocco’s participatory window. , by going out to conquer new customers, especially those hitherto reluctant to take out financing without Takaful coverage,” said Abdelkrim Fazazi, general manager of Al Maghribia Takaful.
Aiming to support the expansion strategy of the third player in participatory finance in Morocco (today capturing 15% of market share) through a substantial expansion of its distribution network (which should be multiplied by nearly 4 in the next 3 years, growing from 14 agencies today to 50 by 2025) and the development of a phygital model, Al Maghribia Takaful intends to position itself as a benchmark player in the participatory insurance market in Morocco, whose potential is estimated at one billion dirhams by 2027.