In Benin, Islamic insurance is legally possible thanks to the takaful regulation adopted by CIMA in 2019, but no Beninese takaful company or window has been identified, so policyholders must screen conventional contracts carefully before signing.
What Beninese law says about takaful insurance
Benin does not need a law of its own: as a member state of the Inter-African Conference on Insurance Markets, it applies the CIMA Code, whose Book IX has governed takaful operations, their licensing and their supervision since 2019.
A national authority whose exact name is unconfirmed
In July 2025, Atlas Magazine referred to a Direction Nationale des Assurances in Benin, under the acronym DCA, reporting to the Ministry of Economy and Finance. Its exact official name has not been confirmed and no dedicated website has been verified.
Cotonou and the Regional Control Commission
Supervision of the companies established in Cotonou and Porto-Novo is shared: the CRCA, a regional body, rules on licences, while the national directorate follows companies on the ground. Any Beninese takaful offer would have to pass through this double filter.
Ministers adopt Regulation No. 003 in 2019
On 10 October 2019 the Council of Insurance Ministers adopted Regulation No. 003/CIMA/PCMA/PCE/2019. The text creates two branches applicable to the Beninese market: general takaful for property and liability risks, and family takaful for cover of persons.
Mutuality at the heart of Article 900
Article 900 describes takaful as solidarity between participants who pay into a common fund used to settle claims. This logic matches the principle of a shared surplus: the underwriting excess in principle goes back to members according to the contract rules.
Window or new company in Benin
An investor wishing to launch takaful in Benin can apply for a takaful-only licence or, if already running an insurer, for a licence extension. In 2019 Atlas Magazine reported a minimum capital of 3 billion FCFA for a fully dedicated company.
Room for adjustment left to the Beninese authority
CIMA has stated that each national supervisor may adapt the takaful rules to the realities of its market. Practical arrangements in Benin, such as documentary requirements or how the sharia committee is organised, therefore still need clarifying with the administration.
Regional training open to Benin's companies
Beninese insurers were among the intended audience of the takaful and retakaful webinar held on 24 October 2024 by CICA-RE, the zone's joint reinsurer, together with the AlHuda Centre. Initiatives of this kind prepare staff for the accounting specifics of takaful.
What the CORIS authorisation means for Cotonou
The CRCA has already authorised CORIS Assurance to write takaful in Burkina Faso. For a policyholder in Benin, that file confirms the regulation is not merely theoretical and that a Cotonou company could follow the same regional procedure.
Beninese market data not available
Neither the size of Benin's insurance market, nor the number of companies, nor the share of the Muslim population could be verified in our research. Be wary of unsourced figures circulating about demand for Islamic insurance in Benin.
Insuring your car and home in the meantime
Motor third-party liability is still required by the CIMA Code in Benin. For housing, a conventional home insurance policy can be limited to actual damage, without a savings option, an approach anyone can submit to a trusted scholar for an opinion.
Togo and Niger, other neighbouring CIMA markets
Togo to the west and Niger to the north share the same takaful regulation as Benin. Families or businesses present on both sides of these borders must nevertheless insure each risk with an insurer licensed in the country concerned.
Recommended path for a policyholder in Benin
- Ask the insurance directorate at the Ministry of Economy and Finance which takaful licences have been granted in Benin.
- Check that the company is authorised under the CIMA framework and that takaful activity actually appears in its licence.
- Request the participants' fund rules, the wakala or mudaraba model and the sharia committee's fatwa.
- Set the contribution, the management fee and the key for sharing any surplus side by side.
- Spot the exclusions and waiting periods, especially for health and death cover offered in Cotonou.
- Report each claim by letter or hand delivery against a receipt, attaching all supporting documents.
Pricing structure to examine in Benin
| Component | What it is for | Parameters that change it |
|---|---|---|
| Fund contribution (tabarru) | Pool claims among participants | Type of cover, sum insured, risk profile |
| Operator fee (wakala) | Cover management and distribution costs | Percentage stated in the contract |
| Profit sharing (mudaraba) | Pay the operator for investing the fund | Return on halal investments |
| Surplus redistribution | Give back part of the excess | Annual claims experience and reserves |
| Deductible and waiting period | Limit small claims | Level of cover selected |
Documents to prepare for insurance in Benin
- Beninese identity card or passport still valid at signing
- Residence certificate or recent bill in the policyholder's name
- Vehicle registration certificate and valid driving licence
- Land title, sale agreement or lease for the insured home
- Health declaration for cover of persons
- Murabaha or ijara contract when an Islamic bank finances the asset
Frequent mistakes by Beninese policyholders
- Assuming a contract is compliant because the adviser calls it halal, without an identified sharia committee or a verifiable takaful licence.
- Relying on unsourced Beninese market statistics to judge how serious a takaful company project really is.
- Neglecting compulsory motor third-party liability while waiting for an Islamic offer that does not yet exist in Benin.
- Confusing an ordinary community health mutual with a takaful fund governed by Book IX of the CIMA Code.
- Accepting a surplus promised verbally by a salesperson but missing from the general terms and the fund rules.
Islamic insurance in Benin: quick answers
Can you buy takaful insurance in Benin today?
No Beninese takaful offer was identified in the sources consulted. The framework has existed since the 2019 CIMA regulation, but a company must first obtain the licence or extension provided for in Article 903. Enquire directly with the national authority.
Which body supervises insurers in Benin?
Two levels coexist: the Regional Insurance Control Commission, a CIMA body, and a directorate attached to the Ministry of Economy and Finance, described by Atlas Magazine as the Direction Nationale des Assurances. Its exact official title remains to be confirmed.
Do Muslim scholars accept takaful?
The cooperative model, based on mutual donation and separate management of the fund, is generally presented as the acceptable form of insurance in Islamic finance. Each product must still be approved by the operator's sharia committee, and no general opinion replaces that review.
Does a policy bought abroad cover an asset located in Benin?
Not automatically. In the CIMA zone, a risk located in one state must in principle be insured by a company licensed in that state. Check the territorial scope of the contract and the insurer's licence in writing before relying on cross-border cover.