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Media Center > News > “Wethaq Takaful Insurance Company” announces a capital increase "Wethaq - Egypt" 10 million Egypt po
1/6/2011
“Wethaq Takaful Insurance Company” announces a capital increase "Wethaq - Egypt" 10 million Egypt pounds
 

“Wethaq-Kuwait” announced that “Wethaq-Egypt” has increased its capital of 10 million Egypt pounds, therefore the share of "Wethaq-Kuwait” has reached 60% of their capital (6 million Egypt pounds).

On this occasion, the General Manager of the company Mr. Majid Y. Al-Ali said in a press release, that this success of “Wethaq-Egypt” due to the new strategy pursued by the company and set to maintain the quality of performance and strength and its development, pointing out that this also highlights the financial solvency of the parent company in Kuwait .

Al-Ali added that this development also underscores the success of the company in its expansion to outside markets, leading “Wethaq” to move ahead with it during the next phase, in addition to continuing to expand locally, pointing at the same time that the financial results for "Wethaq” in the Arab Republic of Egypt for year 2010 was promising, as the company achieved a significant growth in net profits during the first nine months of 2010 when compared to the previous year, and in light of the recovery in the insurance market in Egypt, especially with the modifications that took place there on the Insurance regulations, which strengthened the presence of the company to accelerate their pace of their work and activities and provide services all around the country.

Al-Ali said that the achievements of the company in Egypt, renews its determination to continue its successes and continue to grow upward to profits in the coming years, and which falls within the company's goals and priorities, as well as the company's eagerness to continue its strategy of expansion through the presence in other varied markets, adding that the Takaful Insurance Industry around the world is the highest growth at the present time, and attracts the attention of new customers who wish to insure consistently with the provisions of Islamic Shari’a, alluding to what Foundation of «Moody's ratings» has been stated in the last year that the Takaful Insurance Industry is growing by about 20 percent annually, and it’s size may reach 7.4 billion US dollar by the year 2015.

Al-Ali cleared up that the investments of “Wethaq-Egypt” during the first half of year 2010 amounted to 100 million Egypt pounds, and it has to invest a small percentage of their funds in the stock market in order to avoid losses of funds, referring to the determination of “Wethaq-Egypt” for expansion inside throughout the Arab Republic of Egypt, and they are preparing in the coming days to open new branches in the provinces, pointing out that the expansion is currently underway and the acquisition of the largest part of the share of insurance in the local market there.

On the other hand, Al-Ali said the company planned to introduce and lunch new insurance products in the new year regarding insurance on individuals, families, and plans to open new branches in different locations within Kuwait, as well as to re-launch the company’ Website of excellence for its customers to develop services and meet their needs, emphasizing on excellence in providing services, Takaful insurance, but comes from the company to deepen the faith of the symbiotic experience in State of Kuwait, Arab world and the world, and the expansion in the provision of insurance products and services in a modern and strengthen the spread of awareness among individuals and insurance companies.