The company aims to contribute to the development of Takaful insurance in Morocco and to the development of the national ecosystem of participatory finance.
CIH Bank (20%), Qatar International Islamic Bank (10%) and Qatar Islamic Insurance Company (10%) will enter the capital of Takafulia Assurances, until now 100% owned by the Holmarcom group. A memorandum of understanding has just been signed to this effect and the finalization of which remains subject to the necessary authorizations from the required authorities. Accredited by ACAPS, Takafulia Assurances was issued last February.
The Holmarcom group is preparing to welcome new shareholders for its company dedicated to participatory insurance: Takafulia Assurances. Its CEO, Mohamed Hassan Bensalah, has just signed a Memorandum of Understanding in Casablanca with CIH Bank, Qatar International Islamic Bank (QIIB) and Qatar Islamic Insurance Company (QIIC) for their entry into the capital of Takafulia Assurances , until now 100% owned by Holmarcom Insurance Activities (HIA), the holding company dedicated to the insurance activities of the Holmarcom group. The memorandum of understanding stipulates that the capital of Takafulia Assurances will be held at 60% by HIA, 20% CIH Bank, 10% QIIB and 10% QIIC. “This is an important and strategic partnership agreement for the CIH Bank group and the finalization of which remains subject to the necessary authorizations from the required authorities”, Lotfi Sekkat told the newspaper “Le Matin”.
CIH Bank’s CEO is one of the signatories of the Memorandum of Understanding, alongside Abdulbasit Ahmed Al-Shaibei, QIIB’s Managing Director and Ali Ibrahim al-Abdul Ghani, QIIC’s Chairman. Note that CIH Bank and QIIB are already partners in Umnia Bank, whose capital is 40% owned by each of the two institutions. Their entry into the capital of Takafulia Assurances thus confers the activities of Umnia Bank which, with outstanding loans of 4.8 billion dirhams in 2021, holds a 25% market share. According to the Qatari bank, the signing of this memorandum of understanding constitutes a new phase of expansion of QIIB in the Kingdom in a context of accelerated development of participatory finance and insurance and an increase in demand for these services. on the Moroccan market. As a reminder, last February, the Holmarcom group announced the creation of Takafulia Assurances.
Already rigged by ACAPS, it subsequently launched its activities with an immediate offer, Takaful Family and Takaful General. Takafulia Assurances has developed a diversified Takaful insurance offer, in accordance with the principles of Shariaa and the opinions of the Superior Council of Ulemas, intended for individual, professional and business customers. The company aims to contribute to the development of Takaful insurance in Morocco and more generally to the development of the national ecosystem of participatory finance.