Prospects for takaful insurance development in Morocco: analysis of principles, opportunities and recommendations

Abstract

The emergence of participatory banking institutions and Islamic investments has created a need for appropriate insurance to protect financial and commercial operations against risk. In Morocco, legislation has responded to this demand by introducing Takaful insurance, designed to complement the participatory finance ecosystem. This scientific article analyzes the impact of Takaful insurance since its introduction in June 2022, highlighting its Sharia-compliant nature and its role as an alternative to conventional insurance. It defines the principles of Takaful and how it works, emphasizing its participatory nature and compliance with Islamic standards. Based on cooperation and responsibility, Takaful shares risks between participants while respecting the rules of Islamic jurisprudence. By examining Morocco's assets for the successful implementation of Takaful insurance, this article highlights the opportunities and challenges shaping this participatory insurance and proposes strategies to enhance its growth and competitiveness in the rapidly expanding Moroccan participatory environment. Ultimately, this article aims to provide insights into the successful development of the Takaful industry in Morocco.

Keywords: Takaful insurance, Morocco, Islamic finance, cooperation, participative finance, opportunities, challenges, growth, competitiveness, participative ecosystem.

JEL Classifciation: G2; K2; K4

Type of article: Theoretical Research