Arab Orient Takaful to Pump EGP 15 mln to Raise Its Capital Nov-End

Mr. Mohamed Moustafa Abdel Rasoul – CEO of Arab Orient Takaful Insurance – stated that his company is targeting to pump EGP 15 million increasing for its paid up capital move up by EGP 65 million by the next month.

Abdel Rasoul added in an exclusive to Amwal Al Ghad that Orient is intending to complete its issued capital which reached EGP 100 million within the current fiscal year of 2013-2014, asserting that this increasing will be pumped through Successive premiums during a few coming months.

Abdel Rasoul said Orient has succeeded to attain EGP 188 million within the fiscal year of 2012-2013, against EGP 153 million FY10/11.

Abdel Rasoul added that the current situation which passed by Egypt Calls to be optimistic, pointing out that the current government is seeking to attract fresh investments and establish national projects to encourage the employment and operate many sectors including construction and tourism.

Abdel Rasoul has further explained that the attempt of the companies to innovate and provide new documents for the market contributed in increasing the volume of premiums of the insurance sector and providing the public properties of the country, pointing out that Orient is one of the first firms which obtained the agreement of Egyptian Financial Supervisory Authority (EFSA).