Misr Insurance Holding to form JV with Egypt’s two biggest state banks

Egypt’s state-run Misr Insurance Holding Company plans to form a joint venture with the National Bank of Egypt (NBE) and Banque Misr this month to run a life takaful insurance business.

Misr Insurance Holding, through its subsidiaries Misr Insurance and Misr Life Insurance, will own 75 percent of the new life takaful insurance firm that will be created out of the anticipated joint venture deal, informed sources told Amwal Al Ghad on Wednesday.

The insurer and the two banks will submit a request to the Egyptian Financial Regulatory Authority (FRA) for approval followed by signing the JV contract and form the new firm, the sources said.