Takaful News - Egypt: SALAMA gets approval for family takaful unit

Source: Middle East Insurance Review | Jan 2016

Dubai-headquartered Islamic Arab Insurance Co (SALAMA) has announced that it has received approval from the Egyptian Financial Supervisory Authority to operate its family takaful business in the north African country.

Disclosing this in a statement lodged with the Dubai Financial Market, SALAMA said that the new company, Egyptian-Emirati Life Takaful Co, will have a capital of EGP60 million (US$7.6 million) and commence operations by mid-December 2015.

The move is part of the expansion of the group’s business in Egypt and is aimed at tapping the growth of the takaful sector. SALAMA has been operating in Egypt since 2002 through its subsidiary, Egypt Saudi Insurance House Company. Besides the UAE and Egypt, SALAMA has a presence in Saudi Arabia, Bahrain, Algeria, Tunisia, Jordan, Malaysia and Senegal.

The establishment of Egyptian-Emirati Life Takaful Co takes the total number of insurers in Egypt to 33, 19 of which are general insurers and the rest, life insurers.

EGP1 = US$0.12

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