Egypt: Kuwait's Aman Takaful Insurance re-applies for licence
Source: Middle East Insurance Review | Jul 2020
Kuwait’s Aman Takaful Insurance has submitted a new request to the Financial Regulatory Authority (FRA) to enter the Egyptian market, said FRA vice chairman Reda Abdel Moaty.
Speaking to Amwal Al Ghad, he said the FRA had previously given initial approval for Aman to launch the new takaful operation. However, the required inception procedures had not been completed within a prescribed time period, entailing the submission of a fresh licence application.
He said that the new request was under review by the FRA.
Mr Moaty added that Morocco’s Wafa Assurance had indicated that it planned to enter the Egyptian market by acquiring a stake in an existing insurer or by establishing a new insurance company.
He said that a review was underway of Wafa’s plans. M