الخميس، 27 فبراير 2025 
BY: Hana Saada
ALGIERS- The general manager of the company “El-Djazaïr El-Moutahida Family Takaful”, Chakib El Kacimi El Hassani announced new Islamic insurance products for individuals and businesses as of the second half of 2023, stressing the need to redouble efforts to get customers to take an interest in this insurance formula, the official agency said.
Mr. El Kacimi El Hassani said that this company, which currently has a single product, “intends to offer, as of the beginning of the second half of 2023, other products related to health, travel, accident and insurance for company employees”.
He added that “the company will offer a range of products similar to that offered in conventional insurance, but according to the Islamic formula”.
Work is underway to “enrich the company’s offer” and “diversify it”, the company being called upon to offer developed products adapted to new customer demands, as well as to market developments, he noted.
“All the products offered will be validated by the Sharia Supervisory Commission under the company, which guarantees the certification of the conformity of contracts, documents, management products, and the pricing method according to Islamic Shariaa,” explained the CEO of this insurance company.
El-Djazair El-Moutahida Family Takaful”, is one of the two companies specializing in this type of insurance, in addition to El-Djazaïr Takaful created in 2022 after the promulgation of the legal texts governing this activity in 2021.
“Ten (10) shareholders have stakes in this company which is the result of the union of six banks and four public sector insurance companies. It is the first company of its kind, the official explained.
Since its launch, the company has signed several agreements with five public banks to provide Islamic products, “while other agreements will be signed very soon”, revealed Mr. Kacimi El-Hassani.
After having focused its efforts during the first months of its creation on the development of the rules necessary for its operation, in particular with regard to the recruitment of skills and the search for marketing channels, the company effectively launched its activities in last February through the signing of its first contracts.
Sukuk will give Takaful insurance a qualitative boost
The company is working to generalize Takaful insurance to all types of Islamic finance to gradually replace conventional insurance.
Regarding the introduction of Sukuk, Mr. Kacimi El-Hassani considered that Sukuk were the last link in the Islamic financial system after “Takaful” finance and insurance, adding that the capitalization will give them, as insurance companies, “a qualitative impetus”.
Takaful insurance is a contractual system aimed at establishing cooperation between a group of subscribers exposed to one or more specific risks, each of whom pays an amount in the form of a donation called “subscription” thus forming “the policyholders” through which compensation is paid.
According to figures from the National Insurance Council (CNA), the Takaful insurance activity generated a turnover of 48.4 million DA in 2022.