The Wafa Assurance Group launches its subsidiary dedicated to Takaful insurance. Named Wafa Takaful, this subsidiary, which recently obtained its approval from the ACAPS (Insurance and Social Security Supervisory Authority), has great ambitions in this emerging market.
“Wafa Takaful, a 100% subsidiary of Wafa Assurance, has been designed and dimensioned to be a multi-distributor operator at the service of participatory banks operating in Morocco and more generally, at the service of customers and insured wishing to take out insurance in accordance with the advice of the Supreme Council of Ulema”, ensures the top management of the Wafa Assurance Group.
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In retail, Wafa Takaful will start its activity next March and intends to put on the market a range of 3 products. This is the protection of the family by death cover, multi-risk coverage of the well-financed and a constitution of long-term savings to ensure additional income upon retirement.
Thus, this new subsidiary reinforces the positioning of the Attijariwafa Bank Group as a universal financial actor supporting economic actors and households in their daily lives and at key moments, especially in the field of participatory banking through Bank Assafa. “This new subsidiary dedicated to takaful insurance operations thus consolidates the status of universal insurer of the Wafa Assurance Group, which now operates in nine markets: business insurance, personal life insurance, non-personal life insurance, individual health, inclusive insurance, assistance, digital, international and now takaful insurance,” said Ramses Arroub, CEO of the Wafa Assurance Group.
It should be noted that with this new subsidiary, the Wafa Assurance Group now operates in nine markets (business insurance, personal life insurance, non-personal life insurance, individual health, inclusive insurance, assistance, digital, international and now takaful insurance).
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It should be noted that the growth of crowdfunding stocks reached 43% between 2020 and 2021, rising from 13.5 to more than DH 19 billion. Similarly, there is a good momentum in real estate crowdfunding, accounting for 82% of total crowdfunding and a capture of 7% of total housing loans from the banking sector in 2021. It goes without saying that these statistics arouse a big appetite among insurers. “Wafa Assurance aims to be a universal insurer by being on the podium in each of the nine markets. Wafa Takaful wishes to invest in the participatory market by providing a leadership role in Morocco and in the medium and long term, study an extension internationally, pre-empt Takaful insurance innovation, and be a Takaful multi-stakeholder reference actor,” concludes Ramses Arroub.
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