Wethaq Takaful Insurance Company - Egypt (Wethaq Egypt) aims to increase its issued capital to EGP750m ($15.9m) within the next three years to boost its financial solvency and support future growth plans, according to Mr Antar Gad, the company's Chairman.
To start with, Wethaq Egypt intends to raise its issued capital to EGP600m this year, to comply with the provisions of the Unified Insurance Law and the decisions of the Financial Regulatory Authority, reported Amwal Alghad. The company’s paid-up capital currently stands at EGP550m.
Mr Gad made these comments on the sidelines of the opening of the company’s new headquarters on 5 January.
He also revealed that the company is eyeing a listing on the Egyptian Exchange (EGX).
In addition, he said, Wethaq Egypt intends to diversify its investments. Management is considering the establishment of a holding company with plans to expand into insurance or non-insurance investments. Currently, there are plans to enter the family takaful market, either by establishing a new company or acquiring an existing company.