QIIB, 3 entities launch Takaful insurance firm in Moroccan market

Tribune News Network Doha Qatar International Islamic Bank has signed a memorandum of understanding (MoU) with three other entities to establish a Takaful ...

Tribune News NetworkDohaQatar International Islamic Bank has signed a memorandum of understanding (MoU) with three other entities to establish a Takaful insurance company in Morocco.QIIB owns 10 percent of the firm, officially named Takaful Insurance Company. The other stakeholders are Atlanta Insurance Company (60 percent), Moroccan Real Estate and Tourism Loan Bank (CIH) (20 percent), QIIB (10 percent) and Qatar Islamic Insurance Company (10 percent).The bank was established in view of the expansion of participatory financial and insurance services and an increase in the demand for these services in the Moroccan market. The MoU was signed in Casablanca, Morocco, in the presence of QIIB Chairman Sheikh Dr Khalid bin Thani bin Abdullah Al Thani. It was signed by Atlanta Insurance Company Chairman Mohamed Hassan Bensalah, CIH Bank President Lotfi Al Saqqat, QIIB CEO Dr Abdulbasit Ahmed Al Shaibei and Qatar Islamic Insurance Company’s Ali Ibrahim Al Abdul Ghani. The main purpose of establishing the company is to carry out 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 institutions in the Kingdom.The announcement of the signing of the memorandum of understanding to establish the Takaful Insurance Company in Morocco constitutes a new expansionary phase to QIIB’s investments in the Kingdom of Morocco, as the bank contributes 40% of the capital of the Moroccan Umnia Bank, which currently has 47 branches across various regions and cities of Morocco.