Egypt launches state-run takaful firm
Monday, 08 14 2017, Category: Islamic Insurance, Country: Egypt
Egypt’s first government-owned takaful insurance company is expected to commence operations within six months, Egyptian Minister of Public Sector Affairs Ashraf El-Sharkawy said on Sunday.
Until then, the Ministry of Public Sector Affairs will work on completing licencing procedures for the company ahead of issuing its own insurance policies, El-Sharkawy said speaking at the new company’s official launch ceremony.
The new company, Misr Takaful Insurance will have authorised capital of around 500 million Egyptian pounds ($28.1 million), issued capital of 120 million pounds, and paid-up capital of 60 million pounds.