Egypt: Misr launches life takaful venture with partners
Source: Middle East Insurance Review | Feb 2020
State-owned Misr Insurance Holding has launched Misr Takaful Life Insurance with a capital of EGP150m ($9.5m) in partnership with Banque Misr and the National Bank of Egypt (NBE).
The new company is owned by Misr Insurance Holding with a 12% stake, Misr Insurance (20%), Misr Life Insurance (20%), NBE (24%), Banque Misr (14%) and Misr Capital Investments (10%), according to a report by Mubasher.
Banque Misr recently sold an 8% stake in a property takaful company to take part in setting up the new company, the bank’s chairman Mohamed El-Etreby said.
Misr Insurance Holding chairman and managing director Basel El Hini said more takaful companies are needed in Egypt to meet the large demand in the market, especially for family takaful plans. M