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The regulations governing takaful insurance in Morocco came into force in October 2021.
To date, the Moroccan Supervisory Authority of Insurance and Social Welfare (ACAPS) has granted licenses to four insurance companies and one reinsurer to conduct takaful activities.
The regulator has also authorized seven participative banks and twelve insurance brokers out of the 473 operating in the market to carry out takaful operations in the Kingdom.
The new approvals include life and death insurance operations, bodily injury, fire and natural elements, glass breakage, water damage and takaful investment.