Egypt’s insurance holding eyes alluring foreign partners to form takaful arm

Misr Insurance Holding Company is in talks with strategic partners from UAE and Southeast Asia to participate in founding new Takaful insurance company in the Egyptian market.

Speaking to Amwal Al Ghad, Basel Al Hiny – executive member for financial and investment affairs- said Saturday the new company is set to be established with initial capital estimated at 60 million Egyptian pounds (US$7.6 million).

The capital is set to be increased gradually in accordance with firm’s business volume in the market, the official added.

Misr Insurance Holding Group is looking for a strategic partner who enjoys sufficient expertise in Takaful insurance sector to enable the new company to achieve group’s goals.

Al Hiny clarified that the European Bank for Reconstruction and Development (EBRD) gave initial approval to contribute to the capital of the new firm after reviewing the feasibility study of the firm.