Egyptian Takaful Renews Mall of Arabia’s EGP2.75 bn Insurance Policy

 Ahmed Arfeen, managing director of the Egyptian Takaful Insurance- Properties revealed that his company succeeded to renew the insurance policy for Mall of Arabia with EGP2.75 billion.

Arfeen has informed Amwal Al Ghad that the Mall of Arabia’s renewable one-year insurance policy includes covering all the risks such as fire, and burglary.

He further asserted that Takaful is negotiating with a number of banks, aiming to market its various products through its subsidiaries like the banking insurance, expecting to finalize the sign with two banks during the coming period.

He added that his company succeeded to attain EGP57.8 million premiums within the first quarter of the current year, against EGP47.4 million in the same period, move up by 22%.

He further emphasized that Takaful achieved EGP5.5 million net profits in the first quarter of the fiscal year of 2013/2014, while the surplus activity up EGP8 million at the end of last September 2013, compared to EGP5.6 million within the previous year, registering 43% growth.