Islamic Finance

SAAFI offers in France Sakina Funerals, first Takaful inhumation and repatriation coverage

Marseille, the 25th of March 2020 - This is a highly expected offer from the tricolor Muslim community that is about to market the Takaful wholesaler broker SAAFI based in Marseille: the adhesion of inhumation and repatriation coverage by Takaful ruled by the mutual and participative principles of Islamic finance. Called Sakina, this new solution allows its holders to cover the costs of funerals and possibly repatriation towards the country of origin by incorporating religious rituals and respecting their last wishes. "We want to provide to the subscribers a calming atmosphere that comforts them with the application of their religious choices," said Ezzedine Ghlamallah, finance researcher and co-founder of SAAFI.

The guarantees are granted from 12 years to 85 years, the adhesion is carried out without medical questionnaire. The contract allows the participant to obtain a capital intended to cover the costs of the funeral and repatriation in the event of death. Upon death, the capital chosen upon subscription will be given to the beneficiary named in the contract. The beneficiary of the contract may be a physical person or a legal person such as an undertaker to directly pay the costs of the funeral and the repatriation to the country of origin of the deceased.

Sakina Takaful has several levels of guarantees determined according to the needs of the participants. They have the choice between 4 levels of guarantee: € 2,000, € 3,500, € 5,000 and € 7,000 which are intended to finance repatriations to North Africa, Central Africa or even to the Indian Ocean. Sakina Takaful integrates a territoriality all over the world, however the member will have to prove a tax residence in France. "Sakina Takaful integrates many values and many principles following the principles of Takaful with an offer based on mutuality and solidarity", summarizes Ezzedine Ghlamallah.

According to Les Échos Etudes, the potential turnover of Takaful in France is estimated at 3.5 billion euros, or 1.70% of the total insurance market. On this basis, France could become a major market for Takaful. It is probably not for nothing that the European Central Bank indicated in its report on Islamic finance published in June 2013 that Islamic finance seemed to have good potential to develop in France. A key element essential to allow an industry to reveal its full potential is to support the appearance of a large regional or global player in which all the other players then seek to gain market share. This is the ambition of SAAFI which craves with the launch of Sakina Takaful to become such an actor.

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