Egypt: SALAMA to open family takaful company by year-end

Source: Middle East Insurance Review | Jun 2015

Dubai-headquartered Islamic Arab Insurance Co (SALAMA) has set up a family takaful provider in Egypt and plans to commence operations by the end of 2015.

The company revealed this in an announcement of its financial results on the Dubai Financial Market. Misr Emirates Takaful Life Insurance Company is a joint venture, with SALAMA taking the majority share of 80.1%. Egypt Saudi Insurance House, the country’s first takaful operator, and Faisal Islamic Bank will each have a share of 9.95%.

The company will have a capital of EGP60 million (US$7.9 million), reported the Mubasher news website.

SALAMA recorded a net profit of AED36.7 million (US$10 million) in 2014, compared to a net loss of AED60.2 million in the previous year. Gross written contributions fell to AED730.8 million from AED1 billion over the same period.

EGP1 = US$0.13

AED1 = US$0.27

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