Cairo – Mubasher: The Central Bank of Egypt applied newly drafted regulations on banking insurance activity that allow banks to clinch insurance agreements with no more than a single insurance company.
This insurance company should be providing property or life insurance activities through either Takeful or commercial reimbursement system, the bank of Egypt said, pointing out that the two systems cannot be combined.
This decision aims to diversify services and products provided for clients and to also facilitate insurance coverage for a significant bracket of citizens that differently consider the two insurance genres, the bank of Egypt said.
