Burkina Faso: Takaful finds its way to the market

Source: Middle East Insurance Review | Mar 2025

Coris Life Insurance Burkina Company (Coris Assurances) became the first insurance provider in Burkina Faso to offer shariah-compliant insurance products after receiving approval from the Regional Insurance Supervision Commission, the insurance regulatory body of the Inter-African Insurance Markets Conference. Coris Assurances will be offering takaful products via a window.

According to Pravada news, Coris Assurances offers family takaful products in its basic protection form to support beneficiaries in the event of the policyholder’s death, as well as takaful investments which will allow participants to save and invest in shariah-compliant investment avenues while being protected.

Penetration, rare in Burkina Faso, stood at 1.14% in 2021 but the market is reportedly growing. There are 17 insurance companies in the country.

Founded in 2013 as a specialised life insurer, Coris Assurances is part of Coris Holding which includes other financial and banking institutions under its umbrella. M

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