The Financial Regulatory Authority has approved an application submitted by Orient Takaful Insurance-Egypt, to increase its paid-up capital to EGP250m ($16m) from EGP150m.
The increase of EGP100m is funded by the company's accumulated profits or through a bonus issue.
The amended Articles of Association of Orient Takaful state, “The company's authorised capital is determined at EGP500m, and the issued capital is EGP250m, comprising 25m shares, each of which is worth EGP10.”
Orient Takaful is owned 60% by the UAE's largest insurer Orient Insurance, 20% by Union National Bank Egypt, and the remaining 20% by Abu Dhabi Islamic Bank.
Mr Mohamed Mostafa Mohamed Abdelrassoul, CEO of Orient Takaful, says that the company plans to introduce new insurance products, such as credit insurance and cyber risk insurance.