Wethaq Takaful Total Assets rise by 13.1% end FY 2014-15

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Egypt’s Wethaq Takaful Insurance’s total assets have been increased by 13.1% at the end of fiscal year 2014-15, General Manager of Financial and Administration Affairs Abd El Aziz Labib said Wednesday.

Speaking to Amwal Al Ghad, the official said that Wethaq Takaful’s total assets reached 295 million Egyptian pounds at the end of FY2014-15 versus 260.7 million Egyptian pounds at the end of FY 2013-14.

He added that the total volume of policies holders is estimated at 175 million Egyptian pounds approximately at the end of June 2015 compared to 155 million Egyptian pounds during FY 2013-14 marking 12.9% growth rate.

Wethaq Takaful Insurance aims to inaugurate new branch in Port Said governorate in 2015, Labib noted.

Port Said is located in north east Egypt extending about 30 kilometres (19 mi) along the coast of the Mediterranean Sea, north of the Suez Canal.