Egyptian Life Takaful-GIG gets final OK to promote services via NBAD bank

Egyptian Life Takaful Company – GIG has received the final approval by the Central Bank of Egypt and the Financial Supervisory Authority to offer insurance services through National Bank of Abu Dhabi branches.

The bancassurance agreement will go into effect by the end of January 2017 to promote the company’s services through four branches of  National Bank of Abu Dhabi, which are expected to increase to 10 branches with in the current year, the managing director of GIG Ramah Asaad said.

For GIG, NBK Egypt will be the fifth bank to enter this partnership with, as it signed agreements earlier with Bank Audi Egypt, Abu Dhabi Islamic Bank, National Bank of Kuwait (NBK), and Banque Misr.

The managing director said that his firm aims to expand alliances with banks as one of the important channels of attracting funds through taking advantage of geographic spread of branches nationwide.

The company seeks to increase  the number of banks through which it promotes its serbvices to 7 banks by the end of June 2018, he told Amwal Al Ghad.

Bancassurance has been allowed by the Central Bank of Egypt since 2013, after being previously suspended for five years.