Bahraini “Takaud” considers creating a Takaful company in Egypt
Saturday, 06 27 2015, Category: Insurance and Reinsurance, Country: Egypt
The Bahraini “Takaud” company considers establishing a new company in Egypt which will operate in the Takaful insurance field.
Informed sources told “Al Borsa News” that the Bahraini company works currently on finalizing the foundation procedures at the Investment Authority with a capital of EGP 100 million, of which 50% will be paid-up, and the remaining part will be paid over 5 years according to article 27 (2) which stipulates that every insurance and reinsurance company should take an Egyptian joint stock company structure with a capital of at least EGP 60 million, of which the paid-up part should represent half the amount and the remaining part of the capital should be fully paid during a period not exceeding five years from the date of registration of the company at the authority.
The source added that the company should focus its activities on Egypt in the Takaful insurance business especially given the steady growth of this activity in Egypt, and which is relatively new to a certain extent, after the powerful growth of this kind in Gulf countries.
Source: Al Borsa News