Doha: Moroccan Supervisory Authority of Insurance and Social Welfare (ACAPS) has given its approval to establish Takaful Insurance Company in Morocco in cooperation between Qatar International Islamic Bank (QIIB), Qatar Islamic Insurance Company (QIIC) and Moroccan firms Atlanta Insurance Company and CIH Bank.
The establishment agreement for the Takaful Insurance Company was signed in the presence of Chairman of QIIB Sheikh Dr.Khalid bin Thani bin Abdullah Al Thani and Chairman of Atlanta Insurance Company Mohamed Hassan Bensaleh, in Casablanca in the Kingdom of Morocco, in collaboration between Atlanta Insurance Company, CIH Bank, QIIB and QIIC.
The agreement was signed following the decision of the Supervisory Authority of Insurance and Social Welfare (ACAPS) in the Kingdom of Morocco to approve the establishment of Takaful Insurance Company in Morocco, based on a previous decision by the Authority to allow the establishment of insurance and re-insurance Takaful companies.
Chairman of QIIB Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani (fifth left), Chairman of Atlanta Insurance Company Mohamed Hassan Bensaleh (fourth left), President of Tourism Real Estate Loan Bank Lotfi Al Saqqat, CEO of QIIB Dr. Abdulbasit Ahmed Al Shaibei (third right), Group President of QIIC Ali Ibrahim Al Abdulghani, and QIIB Board Member Ali Abdullatif Almesned, with other officials, during the establishment agreement signing ceremony, in Casablanca, Morocco.
The agreement was signed by Mohamed Hassan Bensaleh, Chairman of Atlanta Insurance Company, Lotfi Al Saqqat, President of the Tourism Real Estate Loan Bank, representing CIH Bank, Dr. Abdulbasit Ahmed Al Shaibei, CEO of QIIB, and Ali Ibrahim Al Abdulghani, Group President of QIIC, while Ali Abdullatif Almesned, QIIB Board Member also attended the signing ceremony.
In early June, it was officially announced that a memorandum of understanding (MoU) will be signed with an aim to establish a Takaful insurance company in the Kingdom of Morocco in the name of Takaful Insurance Company between Atlanta Insurance Company, CIH Bank, QIIB and QIIC.
The company’s shares will be distributed upon its establishment so that the shares of Atlanta Company will be 60 percent of the capital, CIH Bank 20 percent, QIIB 10 percent, and Islamic Insurance Company 10 percent.
Takaful Insurance Company is expected to conduct Takaful insurance activities of all kinds in the Kingdom of Morocco in accordance with the rules and regulations in force within the framework and legislation governing the work of insurance companies in the Kingdom.
The establishment of Takaful Insurance Company constitutes an essential addition to QIIB’s investments in the Kingdom of Morocco, as the Bank holds 40 percent of the capital of the Moroccan Umnia Bank, which currently has 48 branches across various regions and cities of Morocco.
