Faisal Islamic Bank buys Banque Misr’s stake in Egyptian Takaful Insurance

Faisal Islamic Bank of Egypt on Sunday has acquired Banque Misr’s stake in the in the Egyptian Takaful Insurance Co. (Property).

The Islamic bank purchased 147,002 shares in the Egyptian Takaful Insurance Co. (Property) for 44.16 million Egyptian pounds ($2.7 million), it said in a bourse filling on Sunday. The bank currently owns 32.75 percent in the insurance company.