A memorandum of understanding (MoU) was signed with the aim of establishing a Takaful insurance company in the Kingdom of Morocco among Atlanta Insurance Company, Moroccan Tourism and Real Estate Loan Bank (CIH) Qatar International Islamic Bank and Qatar Islamic Insurance Company.
This is 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 Wednesday.
The MoU was signed in Casablanca, Morocco, in the presence of Sheikh Dr Khalid bin Thani bin Abdullah al-Thani and Mohamed Hassan Bensalah, chairman of the board of directors of Atlanta Insurance Company.
It was signed by Bensalah, representing Atlanta Insurance Company; Lotfi al-Saqqat, president, Tourism Real Estate Loan Bank, representing CIH; Dr Abdulbasit Ahmed al-Shaibei, representing QIIB, and Ali Ibrahim al-Abdul Ghani, representing 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% of the capital, CIH Bank 20%, QIIB 10% and Islamic Insurance 10%.
"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," a statement said.
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