Insurance

Increasing the paid-up capital of “GIG Misr Hayat Takaful” to 275 million pounds..and distributing surplus insurance activity to policyholders for the second year in a row

Eman Al-Wasli

“Makasib” fund is a bright mark in the history of “GIG Misr Hayat Takaful”

“National Bank of Kuwait – Egypt” renewal of the ban insurance agreement with our company .. embodies its great successes and its leading role in the Egyptian market

The General Assembly of “GIG Egypt Hayat Takaful” company held a meeting during the past few days, during which it discussed a number of important issues, and at the end of its meeting agreed to adopt The company’s financial statements for the fiscal year ending in 30 / 6 / 2022, and also agreed to distribute surplus insurance activity to policyholders for the second year in a row, and also approved dividends in the form of shares to increase the paid-up capital to 93 one million pound .

In his statements, which he singled out for “businessmen,” Rabih Abdel Khalek, CEO and Managing Director, confirmed that “GIG Egypt is life.” Takaful “ continues its successes in the Egyptian market, proceeding at a deliberate, planned and rapid pace forward, and it was natural for it to occupy the forefront of Takaful life insurance companies in the Egyptian market supported by The main shareholder of the company is the Gulf Insurance Group, as well as the rest of the company’s shareholders, Banque Misr, National Bank, Faisal Islamic Bank, Med Bank, and the Agency for Small, Medium and Micro Enterprises Development.

Recently, and as evidence of the studied steps implemented by our company, “GIG Egypt Takaful Hayat” launched the “Makasib” Islamic investment fund. Also, NI Capital was chosen to manage that fund through its position in this field and our ability as partners to reach various and different segments of society. Through its distribution company Investment products through a large number of outlets, the most important and widespread of which is the network of Egyptian Post branches. Therefore, we expect the “Makasib” fund – Abdel Khaleq says – to achieve what companies and institutions aspire to, as well as all classes of the Egyptian people, to achieve “Makseb”

In response to a question by “businessmen,” Rabih Abdel-Khalek affirmed that “GIG Misr Hayat Takaful” is still continuing its leadership and strong growth in the Egyptian insurance market with more than one million An insurance policy and premiums exceeding one billion pounds, and investment assets exceeding one and a half billion pounds. The company has achieved the volume of premiums issued during the fiscal year 083652- 2020 It is estimated at 1.2 billion Egyptian pounds, and the volume of investments reached 1.5 billion pounds. The company also increased its paid-up capital To become 275 one million pounds, and shareholders’ equity increased to reach 660 million pounds, and the rights of policyholders amounting to 1.4 billion pounds. The company was also able to achieve a surplus in insurance activity that can be distributed during the fiscal year 2020 – 2021 and nearly

benefited from its distribution Comp and mass client 30 One thousand individual customers, and the company also achieved a surplus of GIG Egypt Hayat Takaful meetable For distribution for the second year in a row for the fiscal year 2021- The Shari’a Supervisory Committee – Abdul Khaleq said – supervises the follow-up and audit of all the company’s operations and its insurance and investment activities and ensures their compliance with The provisions of Islamic Sharia. The company is honored by the presence of His Eminence Dr. Nasr Fareed Wasel as chairman of the committee. It is also honored by the membership of His Eminence Dr. Ali Gomaa and Dr. Refaat Al-Awadi.

With regard to the company’s products .. Rabih Abdel-Khalek emphasized the diversity of GIG Misr Life Takaful’s products to include all products related to the life and medical insurance branches, such as group life insurance, group medical insurance, pension insurance, as well as a distinct and unique group of insurance products. The private life of individuals that meets all the requirements and needs of all segments of society. Themar .. Mohamed Akef, Executive Vice President and Managing Director for Financial Affairs and Investment, spoke about the Makasib Fund that the company recently launched, saying: The Makasib Fund is an investment fund compatible with the provisions of Islamic Sharia under the supervision of the Sharia Committee accredited to GIG Misr Hayat Takaful and subject to the supervision of the Supervisory Authority Finance, an open money fund with a cumulative daily return of multiple issues, and investors in this fund enjoy tax exemption for all returns.

In the same context .. Muhammad Akef

explained

Muhammad Akef

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in response To a question put to him by “businessmen” that the size of the initial fund is 30 one million Egyptian pounds, divided into an amount of One million pounds for the first issue and an amount of 50 One million pounds for the second issue, and the fund receives the subscription through NI Capital, Arabia Online Company, and the Egyptian Company for Investment Services, which are spread over a large number of Egypt Post branches, and the fund relies on investments in fixed-return investment tools such as treasury bills and government bonds. The investor must ask about what is offered through “Makseb”, which prompts us to ask the question ourselves and answer it to make the whole picture clear, whether for our current or prospective customers, which is: Why Makasib fund? The answer can be summed up – says Muhammad Akef – in a number of important points, including: “an insurance advantage”, where the policy holder from the first issue enjoys an insurance advantage, and the Makaseb fund offers a higher daily return compared to current accounts and deposits. The fund enjoys exemption from all profits achieved through it, in accordance with the Income Tax Law – Article No. 30 Item No. 7.

Muhammad Akef confirmed to “Businessmen” that the document holder does not bear breakage expenses compared to other investment products such as investment certificates and bank deposits. Adding by saying that the fund has two versions: the first is directed to natural individuals with an insurance benefit for policyholders over the age of 18 years and less than 30 years, and the second issue is for legal persons and natural persons who Less than 05 years old or more than 40 a year “without an insurance benefit.”

In continuation of its brilliance journey, and in light of its great successes at all levels as it is one of the leading companies in Takaful life insurance, and the business results it has achieved embody its position in the market Al-Masry and its strong financial solvency, and what it distinguishes from new products of high quality that keep pace with developments and meet the needs of customers – said Akef – it was natural for the “National Bank of Kuwait – Egypt” to renew the cooperation agreement with the company “ GIG Hayat Takaful” for bancassurance products, according to which the bank will market the insurance products issued by the company, which include various insurance programs that meet the insurance needs of various segments of the bank’s customers.