Egypt: First state-owned takaful operator Misr Takaful Insurance to start business soon

Source: Middle East Insurance Review | Sep 2017

Egypt’s first government-owned takaful operator is expected to commence operations within six months, said Mr Ashraf El-Sharkawy, Minister of Public Sector Affairs.

The new company, Misr Takaful Insurance, will have authorised capital of around EGP500 million (US$28.1 million), an issued capital of EGP120 million and a paid-up capital of EGP60 million, reported Amwal Alghad.

Misr Insurance Holding holds a 40% stake in Misr Takaful Insurance, while Misr Life Insurance and Misr Real Estate Assets Management will each own 20% stakes in the company. The remaining 20% are equally own by Holding Company for Pharmaceuticals (Holdipharma) and Misr Investment and Finance Fund.

Meanwile, the Ministry will work on completing licencing procedures for the company.

There are currently 35 firms providing Shariah-compliant insurance services, including nine takaful operators. During the first quarter of 2017, takaful operators accounted for 9% of Egypt’s insurance market. M

EGP1 = US$0.06

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.