Bank Assafa, in partnership with Wafa Takaful, launched, on Tuesday in Casablanca, the marketing of Takaful insurance products, an insurance fully in line with the opinions of the Superior Council of Ulemas.
Thus, Bank Assafa continues to innovate and work to complete the range of its participatory products in parallel with the completeness of the ecosystem of participatory finance in Morocco. The objective is to be able to best meet the needs of an increasingly demanding clientele.
A 100% subsidiary of Attijariwafa Bank, the leading banking and financial group in Morocco, Bank Assafa has launched Takaful insurance, a complementary product to Murabaha in its two variants with its insurer Wafa Takaful, a subsidiary of Wafa Assurance, Attijariwafa Bank and Al mada.
Takaful insurance is based on the pooling of a Takaful fund made up of several people (participants). This fund will be used to insure these same people against potential risks that may affect them, to cover them against different types of damage (physical or material) that they may suffer.
Thus, “Assafa Takaful Ousra”, constitutes the first product marketed by Bank Assafa, within the framework of “Takaful”. This is a participatory insurance contract in accordance with the opinions of the Superior Council of Ulemas, which guarantees the payment of a capital death or absolute and definitive disability to cover the Murabaha financing.
The second product “Assafa Takaful Dari” constitutes an insurance intended for the customers having benefited from a financing Mourabaha real estate and makes it possible to cover the financed good against the following risks: Fires and explosions, Water damage and Breakage of glass.
Speaking at the launch ceremony of “Takaful” insurance products, Youssef Baghdadi, Chairman of the Board of Bank Assafa, indicated that Takaful insurance complements the ecosystem of participatory finance in Morocco, noting that this product is offered to customers through the Bank Assafa branch network, following marketing approval.
For his part, Mohamed Ibrahimi, Managing Director of Wafa Takaful, said that the launch of these products is the culmination of hard work for several years to set up a Takaful solution in favor of the customers of the participatory bank. “This solution allows customers of participatory banks who have trusted this industry for 5 years to finally have coverage in relation to the financing granted”, he added.
A leader in participatory finance, Bank Assafa continues to capitalize on its expertise accumulated over 7 years of practice. The bank is committed to meeting the expectations of its customers, in accordance with the rules enacted by the Sharia committee for participatory finance from the Superior Council of Ulemas.
With a large network of branches in the main cities of the Kingdom, Bank Assafa implements innovative and adapted solutions, through a dedicated team, a customer relations center, two mobile branches as well as a digital branch, making the bank more accessible.
Wafa Takaful has been approved by the Insurance and Social Security Supervisory Authority (ACAPS) to carry out family takaful, investment takaful and general takaful insurance operations.
Wafa Takaful, a 100% subsidiary of Wafa Assurance, has been designed and sized to be a multi-distributor operator at the service of participatory banks operating in Morocco and more generally, at the service of customers and policyholders wishing to take out insurance in accordance with the opinions of the Superior Council. Ulemas.