Misr Emirates Life Takaful to raise capital to EGP 250 million by year-end

Misr Emirates Life Takaful – SALAMA, part of UAE’s Islamic Arab insurance Companies, plans to increase its paid-up capital to 150 million Egyptian pounds ($8 million) by the end of the year, its managing director said on Thursday.

The capital increase is set to support the company’s financial sheet, a key factor to achieve its expansion strategy, Sherif Azzazy further told Amwal Al Ghad.

Under Misr Emirates Life Takaful’s new strategy, the company aims to expand its presence in the Egyptian market and achieve its digital transformation target as well geographical expansion, he added.

“We are targeting gross premiums of 200 million pounds during the current financial year 2022/2023 as part of a three-year strategy to eventually reach 500 million pounds at the end of June 2025.” Azzazy said.

“We have launched a department designed for digital transformation.”

The company has allocated around 18 million pounds to upgrade its technological infrastructure, including 15 million pounds to buy the necessary electronic system and 3 million pounds to implement the digital transformation process, he noted.