Egypt – The development of Takaful related to GCC holdings
Tuesday, 10 06 2015, Category: Insurance and Reinsurance, Country: Egypt
Managing director of “Wethaq Takaful – Egypt” Mr. Abdel Latif Salam said that Islamic insurance is a branch of the insurance sector which is divided into commercial insurance and Takaful which works under Islamic Sharia clarifying that both branches are related to the economic growth in the state.
Mr. Salam made statements to the “Veto Gate” saying that the insurance sector suffered from the January 25 revolution which witnessed an increase in claims and a decrease in the economic growth rate, the non-payment of premiums by customers. However, the situation started improving gradually with the better political situation and the relative stability.
He added that the Takaful Insurance sector is mainly related to foreign companies and especially GCC holding companies which developed significantly during the past years and boomed. So we can rely on them in order to develop Takaful insurance in Egypt, indicating that the number of Takaful insurance companies in Egypt reached 8 companies of which 5 companies are property Takaful insurance companies and 3 companies are life Takaful insurance companies.
Source: Veto Gate