EBRD may contribute to Misr Insurance’s Newest Life Takaful Arm

The European Bank for Reconstruction and Development (EBRD) initially approves to contribute to the launch of an Egyptian life takaful insurance company.

According to Adel Mounir – vice chairman of Misr Insurance Holding Company for operation and insurance affairs, EBRD has given an initial approval to contribute to the inception of Misr Insurance Holding’s life takaful insurance company.

Misr Insurance Holding is planning to launch its new firm for life takaful activities in the coming phase, Mounir noted.

The Egyptian official further told Amwal Al Ghad that EBRD plans first to conduct a feasibility study before issuing its final approval to its contribution to Misr Holding’s newest company. EBRD’s studies will tackle the targeted returns alongside the Egyptian market’s capability to achieve growth rates in takaful activities, he added.

Moreover, Mounir said the new company’s capital would range between EGP 60-100 million (US$7.8-13 million).