Egypt: Misr Insurance group setting up family takaful company
Source: Middle East Insurance Review | Feb 2019
The state-owned Misr Insurance group has taken steps to launch a new company to undertake family takaful business, said Mr Basel El Hini, chairman of Misr Insurance Holding Company (MIHC).
The establishment of the family takaful operator will follow the success of Misr Takaful Insurance, which was launched in 2017, reported Al Mal News. The general takaful operator is 40% owned by MIHC and 40% by other units in the group.
Mr El Hini also said a new property insurance company will soon be launched in cooperation with partners. He declined to disclose whether it would be a conventional insurer or a takaful company. However, he said the proposed company’s shareholders would include MIHC and Misr Life Insurance.
On the group’s plan to establish a health insurance subsidiary, Mr El Hini said if studies to be conducted indicate that the company would be viable, the group would work with a foreign partner or an external partner.
Apart from Misr Takaful Insurance, MIHC’s insurance interests include controlling general insurer Misr Insurance and life insurer Misr Life Insurance. M