Wethaq Takaful To Raise Capital To EGP 60 Mln In 2013

Wethaq Takaful Insurance Company targets to raise its capital from EGP 55.5 million to EGP 60 million in 2013, said Abdel Latif Salam, managing director of the company.

The company does not plan to inaugurate new branches in the current period amid the current instability, he added. The last branch launched by the company was in Nasr City last November.

Salam stated that he hopes that the Egyptian economy will start recovering in the upcoming period as this will affect positively the insurance and banking sectors.

The economic deterioration in the current period affects economy in general and insurance sector in particular especially that many reinsurers decline to deal with the Egyptian market because of these unstable conditions.

It is worth noting that Wethaq Takaful Insurance Company targets to achieve profit of EGP 7 million in FY 2012/2013.