Egypt: New bancatakaful deal for life takaful operator
Source: Middle East Insurance Review | Dec 2018
First Abu Dhabi Bank’s (FAB) Egyptian unit, one of the largest foreign banks in the country, and Egyptian Life Takaful Company (GIG) have inked a bancatakaful partnership deal, which allows the bank to offer GIG’s range of life insurance products in Egypt throughout its nationwide network covering Cairo, Alexandria, the Delta, Upper Egypt and the Red Sea, according to media reports.
GIG has existing bancatakaful partnerships with four banks: Bank Audi-Egypt, Abu Dhabi Islamic Bank (ADIB) – Egypt, Banque Misr’s Islamic transactions branch and National Bank of Kuwait (NBK) – Egypt.
GIG is the first takaful life insurance company in Egypt and has a credit rating of ‘B+ with stable outlook’ from S&P. M