QIIB indicators MoU to ascertain Takaful Insurance coverage Firm in Morocco

In view of the enlargement of participatory monetary and insurance coverage providers and a rise within the demand for these providers within the Moroccan market, it was introduced {that a} memorandum of understanding (MoU) was signed geared toward establishing a Takaful insurance coverage firm within the Kingdom of Morocco within the title of the Takaful Insurance coverage Firm between Atlanta Insurance coverage Firm, Moroccan Tourism and Actual Property Mortgage Financial institution CIH, Qatar Worldwide Islamic Financial institution and Qatar Islamic Insurance coverage Firm.
The MoU was signed in Casablanca, Kingdom of Morocco, within the presence of QIIB Chairman and Managing Director HE Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani and Chairman of the Board of Administrators of Atlanta Insurance coverage Firm, Mohamed Hassan Bensalah.
It was signed by Mohamed Hassan Bensalah, Lotfi al-Saqqat, President of the Tourism Actual Property Mortgage Financial institution, representing CIH, Dr Abdulbasit Ahmed al-Shaibei, representing Qatar Worldwide Islamic Financial institution, and Ali Ibrahim al-Abdul Ghani, representing the Qatar Islamic Insurance coverage Firm. 
The memorandum stipulates that the corporate’s shares might be distributed upon its institution in order that the shares of Atlanta Firm might be 60% of the capital, CIH Financial institution 20%, QIIB 10% and Islamic Insurance coverage 10%.
The primary objective of building the corporate is to hold out Takaful insurance coverage actions of every kind within the Kingdom of Morocco in accordance with the foundations and laws in pressure inside the framework and laws governing the work of insurance coverage establishments within the Kingdom.
The announcement of the signing of the memorandum of understanding to ascertain the Takaful Insurance coverage Firm in Morocco constitutes a brand new expansionary section to QIIB’s investments within the Kingdom of Morocco, because the financial institution contributes 40% of the capital of the Moroccan Umnia Financial institution, which presently has 47 branches throughout varied areas and cities of Morocco.

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