State-run Misr Insurance Holding plans to establish a new unit for life takaful activities by mid-2020, the company's chairman and managing director has said.
Misr Insurance Holding will acquire a governing stake – nearly 75% – in the new unit, Mr Basel El Hini said.
A major bank has also agreed to be a shareholder of the family takaful unit, reported Amwal Alghad.
The establishment of the family takaful operator will follow that of Misr Takaful Insurance, which was launched in 2017. The general takaful operator is owned 40% by Misr Insurance Holding and 40% by other units in the group.
Apart from Misr Takaful Insurance, Misr Insurance Holding's insurance interests include controlling conventional general insurer Misr Insurance and life insurer Misr Life Insurance.