News About Bashar Sawas Being MD Of Solidarity Family Takaful Is Groundless

Amwal Al Ghad was informed that the news circulated about Bashar Sawas, the General Manager of Allianz Insurance Company – Egypt, to be chosen for the Managing Director position of Solidarity Family Takaful was groundless. Solidarity Family Takaful was recently acquired by the Lebanese Delta Insurance Holding Company.

It is worth mentioning that the Lebanese Delta Insurance Holding Company won its bid to acquire Solidarity Family Takaful after competing with Allianz Egypt over acquiring the company. The acquisition procedures are expected to be concluded by next October. All members of the board of directors of Solidarity including Ahmed Ramadan, the Managing Director, will submit their resignations after the acquisition.

The Solidarity Family Takaful had net premiums of EGP 12.2 million at the end of FY 2010/2011, according to the statistical book issued by EFSA. The Company’s paid-up capital is EGP 40 million and authorized capital is EGP 60 million.