Egypt: Misr Takaful Insurance-Hayat receives licence
Source: Middle East Insurance Review | Jan 2023
Egypt’s Financial Regulatory Authority (FRA) has granted Misr Takaful Insurance (Hayat) a licence to carry out business in the country. The new takaful provider is established with a capital of EGP150m ($6.1m) and will be offering family takaful products.
Hayat was launched in partnership between Egypt’s state-owned Misr Insurance Holding Company and its subsidiaries Misr Life Insurance and Misr Insurance in addition to National Bank of Egypt and Banque Misr.
Hayat aims to achieve EGP1.5bn in contributions during the next five years and plans to achieve a distinct competitive position in the family takaful market, leveraging the experience and strength of its shareholders.
The new takaful provider offers life insurance services to individuals, group life insurance and group medical insurance. M