Egyptian Life Takaful Insurance Company is planning next month to start bancassurance activities through the activation of a protocol on cooperation with Abu Dhabi Islamic Bank (ADIB), said MD Hesham Abdel Shakour.
As pursuant to its protocol on cooperation, Abdel Shakour stated that Egyptian Life Takaful Insurance will promote its insurance products through ADIB’s various network of branches across the country in accordance with the bancassurance mechanisms.
Hence, ADIB would be the second bank to cooperate with the Egyptian Life Takaful Insurance, after signing an earlier bancassurance agreement with Bank Audi-Egypt.
Egyptian Life Takaful Insurance Co. has obtained the final regulatory approval to activate bancassurance services with banks, Abdel Shakour noted, referring that the details about the company’s contract with Bank Audi will be announced in a press conference within the current week.
The official further elaborated that practicing bancassurance activities enables Egyptian Life Takaful to achieve wider geographical spread. This comes within the framework of the company’s strategy to increase its market share in the Egyptian insurance sector within the coming phase, he added.