Morocco-based reinsurer Société Centrale de Réassurance (SCR), a subsidiary of Caisse de Dépôt et de Gestion, has received agreement from the Insurance and Social Security Supervisory Authority for the creation of a retakaful window to carry out takaful reinsurance operations in accordance with Sharia law.
Through the retakaful window in Morocco, SCR will work together with the local operators of takaful, accompanying them from their early beginning throughout their expansion.
The company aims to be among the retakaful pioneers in the participatory finance at the regional and international levels.
The retakaful sector will play a major role in the development of Morocco’s participatory economy and will enable its various players to actively contribute to the emergence of a new form of insurance and reinsurance at both local and international levels.
This agreement further strengthens SCR ambitions for its activities’ growth and expansion.
Last year, SCR decided to increase the company’s the current share capital by a cash amount of 700 million Dirhams ($77.3 million).
As a result, its share capital has increased from 1.5 billion Dirhams ($165.6 million) to 2.2 billion Dirhams ($242.9 million).
