4 insurers vying to cover Egypt NBE bank’s Islamic branch clients

Four takaful insurance companies are competing to win an insurance policy to cover clients of the National Bank of Egypt’s Islamic banking transactions, said official sources on Tuesday.

The companies are Egyptian Life Takaful Company- GIG, Tokio Marine Egypt General Takaful, Libano Suisse Takaful- Egypt, and Misr Emirates Takaful Life Insurance Co., the sources told Amwal Al Ghad.

The insurance policy will be initial sum insured estimated at 130 million Egyptian pounds ($7.9 million) and can be increased in the future pending the amount of new Islamic finances, they added.

It will see coverage of around 600 clients of the state-run bank, they said.

“The policy includes coverage of NBE’s Islamic branch clients against risks related to tumbling and non-payment due to natural death and total or permanent partial disability,” they said.