Egyptian Takaful Property Receives EFSA’s Approval to Practice Bank Insurance Activity

Mr. Ahmed Morsy, Deputy Managing Director of the Egyptian Takaful Insurance Company (Property), has revealed that his company obtained an approval from Egyptian Financial Supervisory Authority (EFSA) in order to start practicing bank insurance activity.

Morsy has informed Amwal Al Ghad that EFSA committed to be notified in the proposed contract between the company and the bank before applying it, in addition notifying the ads of the product to be promoted by the publication of different media.

Morsy has pointed out that Egyptian Takaful is currently negotiating with 7 Egyptian Banks in order to sign bank insurance agreement, including, the National Bank of Egypt (NBE), Banque Misr, Faisal Islamic Bank, Al Baraka Bank, Arab International Bank (AIB), Arab Banking Corporation (ABC) (BSH: ABC) and Misr Iran Banque.

Morsy said the insurance sector is negatively affected during the current period as a result of exit and stopped of many foreign and domestic investments in the Egyptian market, which contributed to decrease the size of the issuance of the insurance companies, pointing out that most insurance branches affected by this is the engineering insurance sector.

EFSA issued a number of regulations which are committed by many insurance companies and banks upon signing the joint convention, which helps to regulate the work and open the field for the insurance companies to expand in this area, notably, the bank should sign an agreement with only two insurance companies operating in the market.