Egypt: Misr Emirates Takaful Life to see 50% capital hike this year

Source: Middle East Insurance Review | Apr 2016

New family takaful operator, Misr Emirates Takaful Life Insurance, plans to increase its capital to EGP45 million (US$5.74 million) this year, said Mr Sami Sharif, Vice Chairman and Managing Director of the company. The capital of the takaful company currently stands at EGP30 million.

Mr Sharif said that the aim is to have an issued capital of EGP60 million within the next two years, reported Al Arab News. The capital increase will support a strategic plan to expand the company’s annuity portfolio.

The Egyptian takaful life operator is a subsidiary of SALAMA Islamic Arab Insurance Company which is headquartered in Dubai. SALAMA has the majority stake of 80.1% while Egypt Saudi Insurance House, the first takaful operator in Egypt, and Faisal Islamic Bank of Egypt each has a share of 9.95%. The company received its operating licence last November and started operations this year.

EGP1 = US$0.13

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