Egyptian Takaful Non-life eyes opening New Branch in Eastern Cairo

Egyptian Takaful Insurance Company (Non-life) studies the launch of a new branch in eastern Cairo this fiscal year 2015-16, Managing Director Ahmed Arfeen said Wednesday.

The new branch is probably to be in Maadi or 6th of October City, Arfeen added.

He asserted that this comes as part of the company’s bigger scheme to expand into Delta, Suez Canal, and eastern Cairo regions within FY 2015-16 by which it would have eight branches afterwards.

About the possibility of opening up a new branch in Upper Egypt, Arfeen said Egyptian Takaful Company (Non-life) notably targets sites where industrial zones were present to enable the firm to attract new clients.

Egyptian Takaful Insurance Company (Non-life) owns already a branch in Asyut governorate, in Upper Egypt region, the official said.

Moreover, 66% of the shareholding structure of Egyptian Takaful Company (Non-life) is divided equally among Arab International Bank, Banque Misr, National Bank of Egypt, Al Baraka Bank of Egypt, Faisal Islamic Bank of Egypt, Arab Banking Corporation and Misr Iran Development Bank as well as Social Fund for Development. The remaining value is divided as such: Gulf Insurance Company (8.75%), Kuwait Projects Company (8.25%), International Company for Leasing (Incolease) (8.5%) and Kuwaiti direct investment company (8.5%).

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