Misr launches takaful enterprise

Misr Insurance Holding Company, Misr Life Insurance, Misr Insurance, the National Bank of Egypt (NBE), Banque Misr, and Misr Financial Investment Company signed an agreement recently to establish Misr Takaful Insurance Company – Hayat with a capital of EGP150 million. Misr Insurance Holding and its subsidiary companies contribute 52 percent to the fund, including 12 percent from Misr Insurance Holding , 20 percent from Misr Life Insurance, and 20 percent from Misr Insurance. NBE contributes 24 percent, Banque Misr 14 percent, and Misr Financial Investments 10 percent.

Chairperson and managing director of Misr Insurance Holding Company Basel El Hini said that the launch of the new company with the contribution of major entities, such as the NBE and Banque Misr, is an important step in the framework of the investment plan of Misr Insurance Holding Company, to expand in the insurance sector and its companies, while providing an integrated package of Insurance and commercial solutions and services to a larger segment of customers.

For his part, the chairperson of the NBE, Hisham Okasha, emphasised that the bank’s contribution to Misr Takaful Insurance Company – Hayat comes within the framework of the bank’s interest in and expansion of non-bank financial services, either directly, or through Al-Ahli Capital.

Okasha stressed NBE’s keenness to diversify its investment portfolio, to include various economic sectors, as it owns companies operating in the financial leasing, real estate, medical sector, agricultural sector, and other companies, besides Al-Ahly Exchange Company, which was recently established by the bank, and has 32 branches.

Mohamed El-Etriby, chairperson of Banque Misr, said that the bank recently exited Egyptian Takaful Insurance Company , where it owned an eight percent stake, in order to enter this new company, within the framework of the continuous cooperation between the bank and Misr Insurance Holding Company.