Gulf Insurance Group Eyes Boosting its Stake to 60% in Egyptian Takaful

Managing Director at the Egyptian Takaful Insurance (Properties) Ahmed Arfeen revealed that Gulf Insurance Group eyes boosting its consumption rate from 17% to 60%.

In a Statements to Amwal Al Ghad Arabic’s Website, Arfeen explained that the only obstacle inside increasing the proportion of Gulf Insurance Group represents in unwillingness of the Company’s shareholders to sell any shares they have and surging during the current period.

The company’s capital increase has recently financed EGP120 million from the achieved profits of Takaful, Arfeen explained.

National Bank of Egypt (NBE) requested within the recent period to exit from the company but the results which attained in the last year pushed it to change its decision.

Around the company’s market share,  Arfeen asserted that his company owns 4% from the Egyptian properties insurance market, while it owns 35% of Takaful insurance market.