Egypt: Bank may contribute to Misr Insurance's family takaful arm
Source: Middle East Insurance Review | Apr 2015
The European Bank for Reconstruction and Development (EBRD) has given its initial approval to contribute to the launch of an Egyptian family takaful insurance company.
Dr Adel Moneer, Vice Chairman for Operation and Insurance with Misr Insurance Holding Company, revealed this as he announced the company’s plans to launch the new life takaful operator, reported the business publication, Amwal Al Ghad.
He said that EBRD plans to first conduct a feasibility study before confirming its contribution to the new venture. The study will look at targeted returns as well as the Egyptian market’s capability to achieve growth in takaful activities, he added.
The new company’s capital will range between EGP60 million (US$8 million) and EGP100 million.
EGP1 = US$0.13