The investment will support Saham Finances' ambitious growth and development plans in the wider African continent, where insurance penetration rates remain extremely low.

Saham Finances currently has majority stakes in three subsidiaries — CNIA Saada, Colina and Isaaf — offering a variety of life and non-life insurance propositions.

All three companies have strong leadership positions in the markets in which they operate.

CNIA Saada is listed on the Casablanca Stock Exchange and is the second largest non-life insurance provider in Morocco with a 16.2 percent market share, whereas Colina ranks second in life and nonlife segments across 11 countries of the CIMA region (Inter-African Insurance Association) with 11 percent market share. Isaaf ranks second in the assistance services market in Morocco with a 46 percent share.

Abraaj Capital's investment through its funds will provide increased growth capital for Saham Finances.

Under the agreement, Abraaj Capital will also make its management expertise available to Saham Finances and its subsidiaries, including through representation on the board of directors of the company.

Matteo Stefanel, senior partner, Abraaj Capital, said: "Our investment in Saham Finances is in line with our focus on supporting strong companies active in high-impact sectors in rapidly growing economies."

Moulay Hafid Elalamy, founder and chairman, Saham Finances, said: "The African insurance sector represents an extremely attractive investment opportunity. As Saham Finances increases its geographic footprint, we will further contribute to the continent's continued economic development through the provision of sophisticated life and non-life insurance products for individuals and companies.