Egypt’s Misr Insurance Holding to launch life takaful unit mid-2020

Egypt’s state-run Misr Insurance Holding plans to establish a new unit for life takaful activities by mid-2020, chairman and managing director said on Saturday.

Misr Insurance Holding will acquire a governing stake – nearly 75 percent – in the new unit, Basel El Hini said.

One of the major banks also agreed to contribute to the life takaful unit’s capitalisation, El Hini added.

“We will submit our proposal to the Egyptian Financial Regulatory Authority (FRA) for an approval on the new company within the coming period,” he said.