Egyptian Life Takaful GIG, UAE’s FAB reach bancassurance deal

First Abu Dhabi Bank’s (FAB) Egyptian unit, one of the largest foreign banks in the country, and Egyptian Life Takaful Company – GIG have signed Thursday a bancassurance partnership deal.

The agreement lets FAB-Egypt offer GIG’s range of life insurance products to customers in Egypt throughout its nationwide network covering Cairo, Alexandria, the Delta, Upper Egypt, and the Red Sea.

FAB is the largest bank in the UAE with total assets worth AED 669 billion ($182 billion).

GIG has earlier reached bancassurance partnership with four banks, Bank Audi-Egypt, Abu Dhabi Islamic Bank (ADIB) – Egypt, Banque Misr’s Islamic Transactions branch, and National Bank of Kuwait (NBK) – Egypt.

In February, the Egyptian insurer had reached a preliminary bancassurance partnership with Misr Iran Development Bank (MIDB), a jointly owned bank between Egypt and Iran.