Orient Takaful Insurance Egypt has received the approval of the Financial Regulatory Authority (FRA) to change its operating model from takaful to conventional, the financial regulator announced in a statement.
The FRA also approved changing the name of the company to Orient Insurance – Egypt.
The company’s authorised capital amounts to EGP500m ($10.5m), while its paid-up capital stands at EGP400m. The company writes property and liability insurance business as well as medical insurance.
Established in 2009 as an Egyptian shareholding company, Orient is an affiliate company of the UAE-headquartered Orient Insurance, owned by the Al Futtaim group. The company is among the top five non-life insurers in Egypt.
A few takaful providers in Egypt have been taking steps to shift their operating model to the conventional system. In 2023, Kaf Life Insurance, previously Tokio Marine Egypt Family Takaful, was the first takaful operator to make the move. In the same year, Wethaq Takaful announced its plans to follow suit.