On November 4 th, 2021, the “Générale Assurance Méditerranéenne” (GAM) obtained the approval of the Ministry of Finance to establish a “General Takaful window”, as well as the Certificate of Compliance with the precepts of Sharia for forty takaful contracts General, issued on December 27, 2021, by the Shariah National Fatwa Authority for the Islamic Finance Industry, to the High Islamic Council (HCI).
The approval and the certificate of conformity were obtained, after the promulgation of the executive decree n° 21-81, dated 11 Rajab 1442, corresponding to February 23, 2021, which defines the conditions and methods of exercise of the insurance Takaful.
According to the Vice-President of the General Insurance Company of GAM, Hadj Mohamed Ahmed, “General Mediterranean Insurance” has become the first damage insurance company in the market to obtain these two legal certificates in order to practice Takaful insurance.
Through the implementation of this takaful system, GAM wishes to diversify its offers in takaful insurance for property damage and civil liability of individuals, businesses and small and medium-sized enterprises, which aims to meet their expectations and potential needs in terms of insurance coverage, based on cooperation and mutual assistance in the event of risk and respect for the principles of Islamic Shariah.
It also aims to contribute to the development of voluntary demand for insurance, and to protect the assets of economic agents from risks, as well as to contribute, through the implementation of this new general Takaful offer, to strengthening the insurance in the national economy.
“Générale Assurance Méditerranéenne” also plans to launch the new general takaful offer in early April 2022, after setting up its own takaful window, and initiating a visa application for its takaful products with the Insurance Department – Ministry of Finance, and program it in its information system.
Ahmed Achour