Egyptian Saudi Insurance House Assigns Al Baraka Bank to Receive its Underwrite

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Egyptian Saudi Insurance House Managing Director Abdel-Raouf Kotb revealed that his company is contracting with Al Baraka Banking Group to receive the underwrite of the two mutual funds in which Egyptian Saudi is planning to launch it by the upcoming period.

In statements to Amwal Al Ghad on Saturday Kotb added that the capital of two funds up to EGP50million, asserting that his company decided to assign the board of the fund to EFG Hermes.

The company is currently finalising the measures of launching the two funds in the Egyptian Financial Supervisory Authority (EFSA) as a prelude to offer the public underwrite through all branches of Al Baraka Banking Group, Kotb explained.

It will be invested the money of two funds in mechanisms and channels compliant with Islamic law and Sharia and the Takaful insurance activity , explaining that these mechanism will  be determined after obtaining the approval of EFSA.

The general assembly of the company agreed to pump EGP20 million as an increase in capital to reach EGP100 million, explaining that the shareholders to inject this increase during the next few days.

Moreover, Kotb stated that his company is intending to expand geographically in some areas to contribute in increasing its insurance portfolio in the current period.