Orient Takaful wins UNB-Egypt’s $63.8 million insurance policy bid

Egypt’s Orient Takaful Insurance Company has renewed an insurance coverage agreement with the Union National Bank of Egypt (UNB), the insurer’s senior vice president Walid Sayed Moustafa on Tuesday.

Tailored for the UNB’s assets, premises, and branches, the insurance policy is with total sum insured of up to 500 million Egyptian pounds (US$63.8 million), and renewable for one year, Moustafa told Amwal Al Ghad.

The Egyptian official further said the policy involves an insurance coverage of dangers arising out of fire, burglary, dishonesty, other risks, explosions, and natural disasters.

Orient Takaful Egypt’s current shareholding comprises Dubai-headquartered Orient Insurance, a fully owned unit of Al-Futtaim Group, (60 percent), in addition to Abu Dhabi Islamic Bank (20 percent), andn the Union National Bank (20 percent).