Egyptian Takaful Insurance strikes bancassurance deal with United Bank

Egyptian Takaful Insurance Co. (Property) has reached bancassurance partnership agreement with United Bank of Egypt, said the firm’s managing director on Sunday.

The deal will see Egyptian Takaful Insurance’s products promoted through the United Bank’s branches nationwide, Ahmed Morsy added.

Egypt’s Financial Regulatory Authority (FRA) has approved the bancassurance partnership, whose activation is pending to the central bank’s endorsement, Morsy said.

The company launches around 60 insurance policies to its clients, however it would offer personal accident, homeowners, and motor policies via United Bank’s branches, he added.

“Egyptian Takaful Insurance has recently received a licence for oil activity coverage from the country’s market regulator to start activating this activity within the upcoming period,” Morsy said.