Arab Orient Takaful Insures National Bank For Development With EGP 500 Mln

The Arab Orient Takaful Insurance Company (AOTIC) signed a contract to insure the National Bank for Development (NBD) for a year, said Wael Abdel Mohsen, deputy executive director for marketing and sales affairs at the company.

The insurance company succeeded in striking the deal of the insurance policy which has value of EGP 500 million after fierce competition with other insurance companies in Egypt.

The insurance policy covers the bank’s buildings and contents against risks of fire, burglary, breach of trust and money transfer, in addition to insuring the bank’s car fleet.

It is worth mentioning that Arab Orient Takaful Insurance Company’s shareholding structure is divided as follows: Arab Orient Takaful Insurance Company in Dubai (60%), National Bank for Development owned by Abu Dhabi Islamic Bank (20%) and Union National Bank (20%).