Egyptian Takaful Property Eyes EGP 300 Mln Investments Within FY13/14

El-Sayed Bayoumi – head of investment department at the Egyptian Takaful Insurance Company (Property), said his company is aiming to achieve EGP 300 million as a total investments for the current fiscal year of 2013-2014.

Bayoumi has explained in an exclusive to Amwal Al Ghad that the targeted investment returns by the end of June up EGP 40 million, noting that this budget has been put gingerly, according to the current political and economic instability.

Bayoumi added that his company succeeded to jump EGP 34.8 million move up to EGP 282 million in June 2013 in order to overtake the targeted investments volume of the last fiscal year of 2012 which reached EGP 259 million.

Bayoumi has pointed out that his company is running its insecurities investments for trading ‘stock market’ , asserting that the last fiscal year of 2013-2013 up around EGP 8 million.

He has further asserted that the current events has some positive and negative impact on the Insurance Company investments, explaining that the negative aspect including the misty situation experienced by the capital market.

Moreover, he has noted that the positive aspect included the current government’s need for money, so it has offered bonds and treasury bills with acceptable returns, which contributed to recovery the investments of the insurance companies due to the reliance on these bonds.