Egypt - Misr Emirates Takaful Life studies two funding options to buy a property

Source: Middle East Insurance Review | Nov 2016

Egypt’s Misr Emirates Takaful Life Insurance Co (METLICO) is studying two funding mechanisms to buy a property where its Alexandria branch lies instead of paying rent, according to its Managing Director Salah Abdel Fattah.

The first mechanism is to secure a loan to finance the purchase of the property, Mr Abdel Fattah told local media Amwal Al Ghad. He added METLICO was currently negotiating with four banks to secure the loan.

As for the second mechanism, he said the company would allocate part of its investments to buy the property.

“We are now conducting feasibility studies on the two options, and will reach a decision soon,” said Mr Abdel Fattah.

METLICO has decided to purchase the property out of its willingness to avoid more administrative expenses as the rental prices periodically go higher, he added. It is also part of METLICO’s plans to boost its assets annually.

Founded in 2015, METLICO is part of the UAE Islamic Arab Insurance Companies (SALAMA).

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