Madagascar has no takaful operator or Islamic window so far. The CSBF supervises a conventional market dominated by ARO, where the MAMA mutual remains the closest thing to a solidarity-based model while the country waits for a possible dedicated framework.
The CSBF takes over insurance supervision
Oversight of Malagasy insurers has been entrusted to the Banking and Financial Supervision Commission, the CSBF. It previously sat with the Insurance Service and then the Treasury Directorate, and the transfer was recommended by the IMF and the World Bank.
Two successive insurance laws
Madagascar's Insurance Code rests on Law No. 99-013. The National Assembly later published Law No. 2020-005 on insurance, whose full text could not be consulted during our research. Neither of these sources makes any mention of takaful.
A country outside CIMA
Madagascar does not belong to the Inter-African Conference on Insurance Markets. The country therefore legislates on its own, without being able to rely on a regional regulation as the member states in West and Central Africa can.
Nosy Be, January 2026: a bridge to Rabat
On 27 January 2026, the CSBF, chaired by Aivo H. Andrianarivelo, signed a cooperation protocol with ACAPS in Nosy Be. That supervisor applies Morocco's takaful law 87-18, yet the agreement makes no reference to Islamic insurance at all.
Transfer of expertise: a hypothesis, not an announcement
Moroccan experience with sharia boards and participants' funds might one day inspire the CSBF. This remains a mere hypothesis, however: no Malagasy authority had announced any plan for takaful regulation at the time of writing.
ARO and its competitors
In 2025, the state-owned insurer ARO held more than 45 percent of premiums. AFG Assur Madagascar entered the market and two players merged. In 2013, Ny Havana, MAMA, Allianz and SAHAM shared most of the remainder between them.
Over 90 percent of people uninsured
Insurance penetration stands at only 0.7 percent of GDP, and more than nine Malagasy people in ten hold no policy whatsoever. In 2013, premiums totalled 154.41 billion ariary, an increase of 13.83 percent on the previous year.
MAMA and the mutual approach
The Mutuelle d'Assurance Malagasy is owned by its members rather than by shareholders. It is still not sharia-compliant, since its investments are not screened, and our analysis of conventional mutuals versus takaful sets out the differences.
What a Muslim in Mahajanga or Antananarivo can do
With no local Islamic offer, it is possible to limit exposure to riba by choosing pure risk cover such as fire or third-party liability, and by avoiding savings policies with a guaranteed rate. Seeking a personal religious opinion is still advisable.
Microtakaful: an obvious need
With penetration at 0.7 percent of GDP, Madagascar fits the typical profile of markets where Islamic microinsurance with small contributions could reach rural households. No programme of this kind has been identified in the country, however.
Hajj and repatriation for Malagasy pilgrims
Pilgrims heading to Mecca should check the health cover required by Saudi Arabia and the cover provided by their travel agency. In the event of death abroad, repatriation to Madagascar depends on assistance cover taken out before departure.
A comparison with the neighbouring archipelago
The Malagasy situation mirrors that of several Indian Ocean countries where Muslim communities live without any structured takaful offer. Our page on Islamic insurance in the Comoros lets readers compare regional approaches side by side.
How to get insured in Madagascar while keeping sharia in mind
- Check with the CSBF that the company or intermediary you contact is actually authorised to operate in Madagascar.
- Ask ARO, MAMA, AFG Assur or Allianz whether they have an Islamic product or an interest-free investment policy.
- Prefer pure risk cover and avoid life contracts whose guaranteed return is based on bonds.
- Compare deductibles, limits and exclusions across at least two quotes before signing.
- Before a pilgrimage or a long stay abroad, add repatriation-of-remains assistance to your travel health cover.
Cost components of insurance in Madagascar
| Component | Current offer (conventional or mutual) | Reference takaful approach |
|---|---|---|
| Basic contribution | Premium set according to risk and cover | Donation (tabarru) to the participants' fund |
| Management costs | Included in the premium | Wakala fee shown separately |
| Annual surplus | Goes to the shareholder or to the mutual's members | Surplus shared among participants under the contract |
| Investment management | No religious screening | Assets approved by a sharia board |
| Deductible | Varies with the insured property and the cover | Set in the contract on the same principle |
Documents to prepare when buying cover in Madagascar
- National identity card or passport
- Residence certificate or proof of address
- Vehicle registration card and driving licence for a car
- Land title or lease for a home
- Medical questionnaire for health or death cover
- Articles of association and statistical card for a business
Pitfalls to avoid in the Malagasy market
- Assuming that a mutual such as MAMA is automatically halal, when its investments are not reviewed by any sharia board.
- Presenting the 2026 CSBF and ACAPS agreement as the announcement of a Malagasy takaful law, when no such text has been published.
- Signing with an unauthorised seller who promises an Islamic product without any licence or verifiable fatwa.
- Leaving on pilgrimage without checking that health cover and repatriation assistance apply for the whole stay in Saudi Arabia.
Common questions about takaful in Madagascar
Can you buy takaful insurance in Madagascar in 2026?
No. The sources consulted report no takaful operator and no Islamic window in the country. The market remains conventional and dominated by ARO, with MAMA as the main mutual organisation available to policyholders.
Who supervises Malagasy insurance companies?
The Banking and Financial Supervision Commission, or CSBF, which succeeded the Insurance Service and the Treasury Directorate. In January 2026 it signed a cooperation protocol with Morocco's insurance regulator, ACAPS.
Will the agreement with Morocco introduce takaful?
Nothing official points that way. ACAPS supervises Moroccan takaful under Law 87-18, which could ease a transfer of expertise, but the protocol signed in Nosy Be does not mention Islamic insurance.
Is the MAMA mutual an acceptable alternative?
It shares with takaful the idea of solidarity between members, but it has no sharia board and does not screen its investments. Each believer should therefore consult a trusted religious authority before choosing it as a solution.