Misr Emirates Takaful Life Insurance FY2019 investments rise to $7.1mn

Egyptian Misr Emirates Takaful Life Insurance’s (Metlico) investments rose to around 115.5 million Egyptian pounds ($7.1 million) at the end of the 2018/2019 financial year, managing director said Saturday.

“We have posted direct premiums worth 107.8 million pounds during the last financial year 2018/2019,” Ayman El Alfy told Amwal Al Ghad.

The company seeks to maximise its premiums from collective policies to five percent through negotiating with some banks to cover their Islamic financing for micro, small and medium-sized enterprises, El Alfy added.

Founded in 2015, Metlico is part of the UAE Islamic Arab Insurance Company (Salama). The company is with an authorized capital of 100 million Egyptian pounds ($6 million) and issued capital of 60 million pounds.