Société Centrale de Réassurance (SCR) has obtained the necessary approvals from Morocco’s Insurance and Social Security Supervisory Authority (ACAPS) to create a “Retakaful” window, in order to undertake Takaful reinsurance operations in the country.
Société Centrale de Réassurance (SCR) is a reinsurance subsidiary of the Caisse de Dépôt et de Gestion (CDG) Group and the leading reinsurance company in Morocco.
SCR, with these new approvals, will now expand its operations to include these Shariah-compliant reinsurance operations in accordance with the relevant laws in-force in Morocco.
SCR’s Management said that the company is “Pleased to obtain this agreement, which is in alignment with SCR ambitions for its activities’ growth and expansion.”
Retakaful is an Islamic equivalent of conventional reinsurance operations, where the cedant party is a Takaful Operator and the underwriter, or capacity provider, so SCR in this case, is called the Retakaful Operator, while the relationship between the two parties is governed by a Retakaful Contract.
SCR explained that using its approved “Retakaful” window in Morocco, the company expects to play a considerable role, working with local Takaful insurers and partnering them from their formation through their expansion, providing Retakaful reinsurance capacity that meets their needs.
SCR aims to be one of the Retakaful pioneers in the participatory finance sector at both the regional and international levels, the company said.
The “Retakaful” sector is expected to play a major role in the development of Morocco’s participatory economy, while this emerging and growing market is expected to actively contribute to the creation of new forms of insurance and reinsurance, at both local and international levels.