Misr Insurance eyes watchdog’s approval to launch $6.4mn leasing arm

Egypt’s state-run Misr Insurance Holding Company (MIHC) is in official talks with the market regulator to launch a new arm for leasing activities, its vice chairman announced Monday.

Basel El Hini told Amwal Al Ghad that his firm started official negations with the Egyptian Financial Supervisory Authority (EFSA) to launch a new leasing firm, with a capital of 50 million Egyptian pounds (US$6.4 million).

The Egyptian Gulf Bank (EGB) and Archer Capital, part of Faisal Islamic Bank of Egypt, will contribute to the leasing firm’s capital, Misr Insurance Holding’s official added.

Moreover, El Hini said the banking contribution would support the financial sheet of the new leasing.

The Egyptian company includes three affiliates; Misr Insurance, Misr Life Insurance, and Misr Real Estate Assets.