Egyptian Saudi Insurance House and Faisal Islamic Bank are planning to contribute in Salama Family Takaful Company (Life Insurance) in Egypt in which SALAMA – Islamic Arab Insurance Company a leading provider of direct Takaful companies in the United Arab Emirates requested to set up Salama Takaful in Egypt with EGP100 million capital.
Managing Director of Egyptian Saudi Insurance House Abdel-Raouf Kotb said his company decided to contribute about 10% in the new capital of the company, stressing that the Faisal Islamic bank’s proportion did not specify till now.
Egyptian Financial Supervisory Authority (EFSA) announced its initial approval to set up Salama Family Takaful Company (Life Insurance) in Egypt with EGP100 million capital.
In Statements to Amwal Al Ghad on Thursday Kotb added that the new firm will be allocated in personal insurance activity and collecting money to achieve integration with Egyptian Saudi Insurance House.
Furthermore, Kotb asserted that it will be pumped EGP20 million as an increase in Saudi Insurance House’s capital to become EGP100 million during the upcoming phase.