Egypt’s Misr Insurance signs JV to run life takaful unit
Egypt’s state-run Misr Insurance Holding (MIHC) signed on Tuesday a joint venture agreement with two of the country’s biggest public lenders to establish a life takaful insurance firm.
A shareholder agreement was signed with the National Bank of Egypt (NBE) and Banque Misr.
The venture sees an investment of 150 million Egyptian pounds ($9.4 million).
Basel El Hini, chairman of MIHC, signed the agreement with Hisham Okasha, chairman of the NBE; Mohamed Eletreby, chairman of Banque Misr; Ahmed Abdel Aziz, chairman of Misr Life Insurance; Moumen Moukhtar, chairman of Misr Insurance; and Khalil El Bawab, chairman of Misr Capital Investments.