Doha: In view of the expansion of participatory financial and insurance services and an increase in the demand for these services in the Moroccan market, it was announced that a memorandum of understanding (MoU) was signed to establish the Takaful Insurance Company in Morocco in cooperation between Qatar International Islamic Bank (QIIB), Qatar Islamic Insurance Company, the Atlanta Insurance Company and the Moroccan Real Estate and Tourism Loan Bank (CIH).
The MoU was signed in Casablanca, Kingdom of Morocco, in the presence of QIIB Chairman Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani.
The partnership agreement was signed by Mohamed Hassan Bensalah, Chairman of the Board of Directors of Atlanta Insurance Company, Lotfi Al Saqqat, President of CIH, Dr Abdulbasit Ahmed Al Shaibei, CEO of QIIB, and Ali Ibrahim Al AbdulGhani, Group President at Qatar Islamic Insurance Company.
The memorandum stipulates that 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 10 percent.
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 percent of the capital of the Moroccan Umnia Bank, which currently has 47 branches across various regions and cities of Morocco.
