News, Takaful Corner
Tokio Marine Launches Egyptian Takafuls
| February 3, 2010 by Rob Morris
Tokio Marine Holdings establishes takaful units with joint venture partner.
Marine and fire insurance provider Tokio Marina Holdings Inc is one of the latest international companies to establish takaful units in Africa following a spate of Egyptian-led Islamic bond launches.
Tokio, in partnership with Egypt Kuwait Holding Co (EKH), set up the Nile Family Takaful Co and Nile General Takaful Co last month. The companies have a 40% and 60% holding respectively.
Shares in the takaful units are capitalised at $5.5 million each.
With an authorised capital of US$500 million, EKH is one of the largest private equity holding companies in the Middle East and Africa.
The joint venture partners expect the units to reap $3.48 million in annual contributions during the first financial year, rising to $137.3 million within 10 years.
The Egyptian Insurance Supervisory Authority (EISA) is proactively supporting the development of Egypt’s fledgling takaful sector and recently licensed a wave of new operators to join exisiting players such as Wethak for Takaful Insurance Company, Solidarity for Family Takaful Insurance and Egyptian for Takaful Insurance Company.
