Faisal Islamic Bank to buy Banque Misr’s stake in Egyptian Takaful Insurance

Faisal Islamic Bank of Egypt aims to buy 8 percent of the Egyptian Takaful Insurance Co. (Property) from Banque Misr, a senior official said on Thursday.

Faisal Islamic Bank currently owns 24.75 percent stake in the Egyptian Takaful Insurance, the firm’s vice-chairman El-Sayed Bayoumi further told Amwal Al Ghad.

The acquisition deal will see raising Faisal Bank’s stake in the Egyptian Takaful Insurance to 32.75 percent, Bayoumi said.