Takaful generated contributions totalling MAD43.5m ($4.4m) in the first half of 2024, 50% higher than the MAD29m reported for the corresponding six months in 2023, according to data released by the Moroccan Insurance Federation.
Takaful products were formally launched in the Moroccan market in June 2022.
The contributions of takaful companies in Morocco in 1H2024 were:
|
Takaful company
|
1H2024 total contributions (MAD m)
|
Y-o-Y growth (total)
|
Family (MAD m)
|
General (MAD m)
|
|
Takafulia Assurance
|
19.9
|
43%
|
16.1
|
3.8
|
|
Wafa Takaful
|
9.6
|
41%
|
9.5
|
0.2
|
|
Taawounyiate Taamine Takafuli
|
7.1
|
116%
|
7.1
|
0.002
|
|
Al Maghribia Takaful
|
6.9
|
42%
|
6.4
|
0.4
|
|
Total
|
43.5
|
50%
|
39.1
|
4.4
|
The takaful companies accounted for less than 0.5% of overall premiums of MAD32.69bn posted by the insurance industry in the first half of this year.