Takaful
Short definition
Participative (Islamic) insurance based on solidarity risk pooling, without interest or excessive uncertainty.
Detailed definition
Takaful is participative (Islamic) version of Moroccan insurance. Insured contribute to common fund (solidarity/Ta'awun) and claimants draw from it. Two-fund structure: participant fund (claims) and shareholder fund (management). Technical profits redistributed to insured. 2 operators in Morocco: Takafulia Assurances and Wafa Takaful (Wafa Assurance). Products: Takaful Famille (life), Takaful Général (auto, home).
Concrete example
Takaful auto insurance: premium 4,500 MAD/year instead of 4,800 MAD classic. At year-end, if fund shows technical surplus, rebate of 200-500 MAD paid to loyal insured.
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