Wethaq Takaful Eyes Capital Increase to Launch a Mutual Fund

Egypt’s Wethaq Takaful Insurance will pump EGP 40 million to increase its capital to EGP 100 million within the few coming months, managing director Abdel Latif Salam said on Tuesday.

According to managing director Abdel Latif Salam, shareholders agreed on Wethaq Takaful’s capital hike, seeking to issue a mutual fund.

By end of last March, Wethaq’s total investments reached around EGP 216 million.

Elsewhere, Salam said Wethaq Takaful is expected to write volume of premiums amounting to EGP 100 million by the end of this June.