Cairo – Mubasher: The Egyptian Emirates Takaful Insurance officially launched operations Tuesday in the Egyptian market.
In a ceremony held Monday, Managing Director Sami Sherif announced the launch of the company’s activities, at the presence of Investment Minister Ashraf Salman, EFSA Chairman Sherif Sami as well as Saudi and UAE ambassadors to Cairo.
The company was licensed late November, said the MD, adding that his company will operate with EGP 100 million authorised capital, EGP 60 million issued capital and EGP 30 million paid-in capital.
The insurer is 80.1% owned by UAE’s Salama, while Egyptian Saudi Insurance Home (ESIH) and Faisal Islamic Bank of Egypt (FIBE) hold 9.95% each.
Chairman Saleh Malaeka stressed that the launch of his company’s operations in the Egyptian market was based on a strategy of expansion its footprint in Arab markets especially Egypt given its strong potential.
