Egyptian Takaful Life signed the one-year insurance policy covering Banque Misr’s loans offered to members of sports clubs, demanding installing membership fees.
The Company will pay the installments on behalf of members in case of death only. The value of insurance is added to the value of the loans, meaning the value of premiums varies according to the value of the loans.
Cooperative Insurance Society Egypt -Life earlier insured the members of Zohour sporting club, but the new insurance policy extends coverage over members of all sports clubs.
In an earlier time, Banque Misr set a contract with new Zohour sporting club branch in Tagamu El Khames to offer loans for members demanding installing membership fees.
Amwal Al Ghad earlier reported that Egyptian Takaful Life insured the members of lawyers’ syndication with value of EGP 30 million and with payment facilities in collaboration with Banque Misr, Alex Bank, Housing and Development Bank and Arab Banking Corporation. Egyptian Takaful Life also insures customers against insolvency risks till paying loans’ installments.