In the presence of HE Sheikh Dr.Khalid bin Thani bin Abdullah al-Thani and Mr Mohamed Hassan Bensaleh, the establishment agreement of Takaful Insurance Company was signed in Casablanca in the Kingdom of Morocco, in collaboration between Atlanta Insurance Company, CIH Bank, QIIB and Qatar Islamic Insurance Company.

The agreement was signed following the decision of the Supervisory Authority of Insurance and Social Welfare (ACAPS) in the Kingdom of Morocco to approve the establishment of Takaful Insurance Company in Morocco, based on a previous decision by the Authority to allow the establishment of insurance and re-insurance Takaful companies.

The agreement was signed by Mr. Mohamed Hassan Bensaleh, Chairman of Atlanta Insurance Company, representing the company, Mr. Lotfi Al-Saqqat, President of the Tourism Real Estate Loan Bank, representing CIH, Dr. Abdulbasit Ahmed al-Shaibei, representing QIIB, and Mr. Ali Ibrahim al-Abdulghani, representing Qatar Islamic Insurance Company, H.E. Ali Abdullatif Almesned QIIB Board  Member attended the signing ceremony.

In early June, it was officially announced that a memorandum of understanding (MoU) will be signed with an aim to establish a Takaful insurance company in the Kingdom of Morocco in the name of Takaful Insurance Company between Atlanta Insurance Company, CIH Bank, QIIB and Qatar Islamic Insurance Company.

The company's shares will be distributed upon its establishment so that the shares of Atlanta Company will be 60% of the capital, CIH Bank 20%, QIIB 10%, and Islamic Insurance Company 10%.

Takaful Insurance Company is expected to conduct Takaful insurance activities of all kinds in the Kingdom of Morocco in accordance with the rules and regulations in force within the framework and legislation governing the work of insurance companies in the Kingdom.

The establishment of Takaful Insurance Company constitutes an essential addition to QIIB’s investments in the Kingdom of Morocco, as the bank holds 40% of the capital of the Moroccan Umnia Bank, which currently has 48 branches across various regions and cities of Morocco.