UAE’s SALAMA family takaful unit starts operations in Egypt today

The Dubai-headquartered Islamic Arab Insurance Co (SALAMA)’s new family takaful provider in Egypt, Misr Emirates Takaful Life Insurance (METLICO) has commenced its operations Tuesday.

Samy Sherif – METLICO’s Managing Director – said his company obtained the licence to start working in the Egyptian market in earlier November and the Egyptian Cabinet’s approval in late April.

METLICO’s issued capital amounts to 100 million Egyptian pounds (US$12.7 million), while its authorised and paid-up capitals are valued at 60 million pounds and 30 million pounds, respectively, Sherif added.

An inauguration ceremony was held Monday to announce METLICO’s official launch in the presence of Egypt’s Minister of Investment Ashraf Salman; Sherif Samy – Chairman of the Egyptian Financial Supervisory Authority (EFSA); Ahmad Qattan – Saudi Arabia’s ambassador to Egypt; and Mohammed Al Dhaheri – UAE ambassador to Egypt.

Misr Emirates Takaful Life Insurance Company is a joint venture, with SALAMA taking the majority share of 80.1 percent. Egypt Saudi Insurance House, the country’s first takaful operator, and Faisal Islamic Bank of Egypt will each have a share of 9.95 percent.

The new subsidiary is part of SALAMA’s strategy to expand its presence in the Arab world, notably in Egypt, which it is believed that it enjoys a promising insurance market, said its CEO Saleh Malaikah.

METLICO is set to initially launch eight products in the Egyptian market, involving individual and corporate life insurance.