Egyptian Takaful Renews MBSC’s Insurance Policy at EGP2.2bn

The Egyptian Takaful Insurance- Properties has renewed the insurance policy for assets owned by Misr Beni Suef Cement Company S.A.E. (MBSC) at value of EGP 2.2 billion, the insurer’s managing director told Amwal Al Ghad on Sunday.

Ahmed Arfeen – Managing Director at the Egyptian Takaful Insurance (Properties) – said the one-year renewable insurance policy covers all risks, including fire, burglary, Fidelity and loss of money.

Elsewhere, Arfeen has referred to ongoing talks between  his firm and multiple banks, seeking to market its various products via banks’ branches i.e. the bancassurance system. He expects that Egyptian Takaful will be signing bancassurance agreements with two banks within the upcoming period.

He further added that his company attained premiums worth EGP 57.8 million during the first quarter of the current fiscal year 2013/2014, against EGP47.4 million for the same comparable period a year earlier, move up by 22%.

Moreover, Arfeen stated that Egyptian Takaful posted a net profit of EGP 5.5 million during the Q1 of the FY2013/14.