Egyptian Takaful Non-life Mulls Capital Increase

The Egyptian Takaful Company (Non-life) plans to raise its paid-up capital so as to continue its geographical and technical expansions in the current period, said Ahmed Arfin, managing director of the company.

He revealed that the company’s authorized capital reached EGP 500 million and its paid-up capital reached EGP 100 million, adding that the company plans to expand in Delta, Ismailia and Sixth of October City.

The current turmoil has made the company delay launching some insurance products such as the micro-insurance and real estate insurance products due to the recession that hit the real estate sector.

Each of the following acquires 8.25% stake in the shareholding structure of the company: Arab International Bank, Banque Misr, 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%) and International Company for Leasing (Incolease) (8.5%), in addition to a Kuwaiti direct investment company (8.5%).