Orient Takaful, National Bank of Egypt deal to facilitate installment payments from clients

Orient Takaful Insurance – Egypt signed a deal with the state-run National Bank of Egypt to facilitate payment of loan installments from clients between 6-12 months.

This comes as part of Orient Takaful’s directives to face the coronavirus outbreak, besides allowing clients to pay their payments, official sources in the company told Amwal Al Ghad on Wednesday.

AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of a+ of UAE’s Orient Insurance and its subsidiary Orient Takaful Insurance – Egypt, according to a statement.

The outlook of these credit ratings is stable.

The ratings reflect Orient’s balance sheet strength, which AM Best categorises as very strong, as well as its very strong operating performance, neutral business profile, and appropriate enterprise risk management.