Misr Life Insurance Takaful has increased its issued and paid-up capital to EGP400m ($7.5m), in compliance with the implementation of the first phase of the capital increase plan approved by the Financial Regulatory Authority. The first-phase capital increase amounted to EGP250m.
The second phase, in which the issued capital will be raised to EGP600m, is to be completed next year.
Misr Life Insurance Takaful was co-founded by a group of state-owned institutions, namely, Misr Insurance Holding Company, Misr Life Insurance, Misr Insurance, the National Bank of Egypt and Banque Misr.
The Islamic insurance company received its takaful licence in 2022 to offer family takaful and long-term Shariah-compliant medical insurance in Egypt.