In Côte d'Ivoire, takaful has been regulated since 2019 by CIMA Regulation No. 003, which adds a Book IX to the Insurance Code, and SAAR Assurances Côte d'Ivoire opened a SAAR Takaful window there in March 2023.
CIMA, the joint regulator of fourteen states
The Inter-African Conference on Insurance Markets brings together fourteen states, including Côte d'Ivoire, Senegal, Mali and Cameroon. Its Insurance Code applies directly in Abidjan and sets the rules on licensing, solvency and policyholder protection across the zone.
The Insurance Directorate of the Ivorian Treasury
At national level, the Insurance Directorate, part of the General Directorate of the Treasury and Public Accounting, supervises the market, processes licence applications including microinsurance, monitors solvency alongside the CRCA and produces the sector's statistics.
Regulation No. 003/CIMA/PCMA/PCE/2019
Adopted by the Council of Insurance Ministers on 10 October 2019, this regulation governs takaful operations in all member states. It inserts into the CIMA Code a Book IX devoted to this form of insurance founded on mutual assistance.
Mutual aid and solidarity under Article 900
Article 900 defines takaful as mutual aid and solidarity between members who are both insurers and insured. This definition reflects the principle of the tabarru donation, which sets takaful apart from a commercial exchange of risk between two parties.
General takaful and family takaful
The regulation distinguishes two branches. General takaful covers property, liability and accidents, while family takaful deals with life, death and savings, mirroring the classic split between property and casualty business and life insurance.
Dedicated licence or window under Article 903
Article 903 requires either a takaful-only licence or the extension of an existing one. The second route lets Ivorian conventional insurers open a window, provided they pool contributions and return the surplus to participants as the regulation requires.
Public limited company and three billion CFA francs in capital
A takaful operator must take the form of a public limited company. According to Atlas Magazine, the minimum share capital required reaches three billion CFA francs, a threshold that in practice reserves the business for groups that are already financially strong.
SAAR Takaful, the first verified Ivorian window
In March 2023, SAAR Assurances Côte d'Ivoire opened the SAAR Takaful window, offering policies consistent with Islamic principles for families, property, liability and business activities. No other Ivorian takaful operator has been verified to date.
The SAAR group's experience in Guinea
The SAAR group had already launched SAAR Takaful in Guinea in July 2020. That head start gives it practical experience in running a separate participants' fund and a sharia board within the West African region.
Wafa Assurance and Atlanta: no verified takaful
The Ivorian subsidiaries of Moroccan insurers Wafa Assurance and Atlanta are present on the market, but no takaful activity on their part has been verified in Côte d'Ivoire. Ask each company directly whether it runs a window.
Retakaful and the 2024 CICA-RE webinar
On 24 October 2024, CICA-RE and AlHuda CIBE held a webinar on takaful and retakaful practice in the CIMA zone. Compliant reinsurance remains a decisive link if Ivorian windows are to cover large risks.
A market whose size is still unknown
No verified data measures the volume of Ivorian takaful or the share of the Muslim population concerned. The arrival of SAAR Takaful nonetheless shows that demand exists, particularly for motor, home and family protection products.
Taking out a takaful policy in Côte d'Ivoire
- Check with the Treasury's Insurance Directorate that the company holds a takaful licence or an extension compliant with Article 903.
- Ask whether the policy falls under a window such as SAAR Takaful and how the participants' fund is kept apart from the insurer's funds.
- Read the sharia board's opinion and the model chosen, wakala or mudaraba, for paying the operator.
- Compare the contribution, the management fee and the surplus distribution formula provided for by Article 903-4.
- Check exclusions, limits and the deductible, especially for motor cover, where third-party liability remains compulsory.
- Report any claim in writing within the contractual deadline and keep accident reports, invoices and photographs.
What an Ivorian takaful contribution is made of
| Component | Function | What makes it vary |
|---|---|---|
| Tabarru contribution | Feeds the participants' pooled fund | Nature of the risk, insured value, general or family branch |
| Wakala fee | Pays SAAR or any other operator | Rate set in the policy and approved by the sharia board |
| Mudaraba share | Split of returns from compliant investments | Investment results and contractual formula |
| Surplus refunded | Excess paid back to participants | Claims experience for the year and Article 903-4 rules |
| Retakaful | Protects the fund against large claims | Capacity available from compliant reinsurers |
Documents to provide in Abidjan or the regions
- National identity card or passport
- Proof of address or residence certificate
- Vehicle registration document and driving licence
- Land title, village certificate or lease for the home
- Medical questionnaire for family takaful
- Murabaha or ijara financing contract for financed property
Traps to avoid on the Ivorian market
- Confusing a takaful window like SAAR Takaful with a dedicated insurer: check that the separation of funds is actually documented.
- Buying a so-called Islamic product from a company with no takaful licence or licence extension compliant with Book IX of the CIMA Code.
- Accepting a verbal promise to refund surplus, when only the distribution formula written into the policy is enforceable.
- Assuming a subsidiary of a Moroccan group offers takaful in Abidjan because its parent company does so in Morocco.
- Neglecting compulsory motor third-party liability while waiting for a takaful product suited to your vehicle.
Your questions on takaful in Côte d'Ivoire
Is takaful legal in Côte d'Ivoire?
Yes. Regulation No. 003/CIMA/PCMA/PCE/2019, adopted on 10 October 2019, governs takaful in the fourteen CIMA states, including Côte d'Ivoire. It created a Book IX of the CIMA Code defining the branches, licensing and surplus rules.
Which insurer offers takaful in Abidjan?
SAAR Assurances Côte d'Ivoire opened the SAAR Takaful window in March 2023, covering families, property, liability and business activities. No other Ivorian takaful operator has been verified, so other companies must be asked case by case.
What happens to the surplus in a takaful fund?
The CIMA regulation provides for pooling of contributions and refund of surplus to participants under Article 903-4. The distribution formula and any reserves are set out in the policy and approved by the operator's sharia board.
Is a takaful window as reliable as a dedicated company?
The CIMA Code allows both options. A window can be compliant if contributions are kept separate and the sharia board is active. The Fiqh Academy and AAOIFI accept cooperative takaful; what remains is to check how the operator applies it in practice.