Morocco passes law on Islamic insurance

Morocco’s House of Councilors passed, Tuesday, a law on Takaful, a type of Islamic insurance, Reuters reports.

Takaful-branded insurance companies will be able to introduce the Islamic system in the Kingdom once it is published in the official bulletin, Islamic banking professionals told the British news agency.

«We need in Morocco a supreme financial services authority to ensure a better coordination between the different regulators: central bank, insurance regulator (ACAPS) and bourse regulator (AMMC) to speed up processes», President of the Moroccan association for participatory finance professionals (AMFP) Said Amaghdir told Reuters.

For the record, Morocco introduced Islamic banking in 2017, allowing banks to open subsidiaries based on sharia-compliant finance.