Islamic insurance and Finance in Morocco
Islamic insurance, also known as takaful , has a relatively recent history in Morocco. The first takaful company in Morocco, Dar Assafaa, was established in 2007, following the enactment of a law regulating takaful operations in the country. Finance System Prior to the establishment of takaful companies in Morocco, Muslims in the country had to rely on conventional insurance, which is not in line with Islamic principles as it involves elements of gambling, interest (riba), and uncertainty (gharar). The introduction of takaful in Morocco was seen as a positive development by many Muslims in the country, who welcomed the opportunity to purchase insurance products that are in line with their religious beliefs. Takaful companies in Morocco offer a range of products, including motor insurance, home insurance, and health insurance. The growth of takaful in Morocco has been relatively slow, with only a few companies currently operating in the country. H...