By: Fahd Omran
Cairo – Mubasher: Misr Insurance Holding Company has launched Misr Takaful Life Insurance Company with a capital of EGP 150 million in partnership with Banque Misr and the National Bank of Egypt (NBE).
More takaful insurance companies are needed in Egypt to meet the large demand in the market, especially for family takaful plans, chairman of Misr Insurance Holding Company, Basel El-Hini, said.
The new company will be owned by Misr Insurance Holding Company, Misr Insurance Company, Misr Life Insurance, NBE, Banque Misr, and Misr Capital Investments with 12%, 20%, 20%, 24%, 14%, 10%, respectively.
Banque Misr has recently sold an 8% stake in a takaful property insurance company to take part in setting up the new company, the bank’s chairman, Mohamed El- Etreby said.
It is noteworthy that during fiscal year 2018/2019, Misr Insurance Holding Company posted a 22.5% year-on-year increase in its profits to EGP 4 billion.
