Wethaq Takaful Egypt targets S&P, A. M. Best credit ratings by FY2018-19

Egypt’s Wethaq Takaful Insurance Company says it is seeking a new credit rating from a number of global credit rating agencies, notably S&P and A.M. Best.

Wethaq is bracing for a number of measures to get ready for talks with global credit rating agencies, its managing director Adel Fatoury told Amwal Al Ghad on Thursday.

Fatoury said his company plans to adopt an institutional risk management system within the financial year 2018-2019, ahead of starting negotiations with the ratings agencies in financial year 2018-2019.

Getting a new credit rating will have positive impact on Wethaq’s performance and help gain stronger client confidence, the Egyptian official added.

Within this month or the next, Wethaq’s board of directors will convene their unordinary general assembly to discuss the company’s capital hike to 90 million Egyptian pounds ($10.1 million), from 75 million pounds, Fatoury said.