Egyptian Life Takaful-GIG, NBK Egypt bank sign bancassurance tie-up

Egyptian Life Takaful Company – GIG has signed Thursday a bancassurance agreement with National Bank of Kuwait – NBK Egypt to offer insurance services through the bank’s nationwide 41 branches.

This is the first bancassurance partnership NBK Egypt has ever entered into since it started its operations in the North African country.

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

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

Egyptian Life Takaful Company – GIG, is 60.62 percent owned by Kuwait’s Gulf Insurance Group.