Egyptian Takaful Insurance obtains oil coverage licence

Egyptian Takaful Insurance Co. (Property) has recently received a licence for oil activity coverage from the country’s market regulator, said sources in the firm on Thursday.

The company plans to start activating the oil coverage activity within the coming period after receiving the licence and endorsement of its oil insurance policies from the Financial Regulatory Authority (FRA), sources further told Amwal Al Ghad.

Takaful Insurance has doubled its capital to 120 million Egyptian pounds ($7.3 million) in one year, a move supported the company to get a coverage licence for oil, a sector that requires a high financial sheet, they said.