Alliance Assurances has started a takaful insurance window called "Alliance Takaful" to support Islamic finance development and the public authorities' goal of promoting an inclusive financial industry.
Unanimously approved by its shareholders at an extraordinary general meeting held in Algiers, this initiative by Alliance Assurances is also part of its diversification strategy, reported Algeria Press Service citing a statement released by the company.
Alliiance’s takaful offerings target three customer categories:
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Individuals will be able to benefit from products related to automobiles, homes, and family assets
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Professionals, retailers, tradespeople, and small businesses will have access to solutions tailored to protecting their activities
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Companies will be able to access coverage for areas such as vehicle fleet, civil liability, and industrial risks.
Alliance believes that the Islamic insurance segment has significant growth potential and is expected to play an increasing role in expanding insurance coverage for individuals and businesses.
Shareholders of the company also approved the establishment of the Shariah governance bodies required by regulations. A Shariah committee composed of three Islamic finance specialists has been established, in addition to the appointment of a Shariah compliance officer.