Orient Takaful Egypt studies launch of microinsurance, medical products

Egypt’s Orient Takaful Insurance Company is studying to launch two new products in the market, one for medical insurance and the other for microinsurance, an official said Wednesday.

The anticipated medical insurance product is set to provide new and comprehensive coverage at both local and international levels, Orient Takaful’s senior vice president for sales and marketing, Sherif Monsef told Amwal Al Ghad.

As for the planned microinsurance product, Monsef said it would involve new coverages in line with the Egyptian Supervisory Financial Authority’s (EFSA) approach to support small and medium-sized industries.

Orient Takaful Egypt’s current shareholding comprises Dubai-headquartered Orient Insurance, a fully owned unit of Al-Futtaim Group (60 percent), in addition to Abu Dhabi Islamic Bank (20 percent), and the Union National Bank (20 percent).