By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    HDB targets 25% growth in profits, various activities by 2023-end: CEO
    HDB targets 25% growth in profits, various activities by 2023-end: CEO
    June 4, 2023
    Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
    Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
    June 4, 2023
    146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
    146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
    June 4, 2023
    Al Ahly Pharos tops brokerage ranking in May
    Al Ahly Pharos tops brokerage ranking in May
    June 4, 2023
    Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
    Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
    June 4, 2023
  • Politics
    PoliticsShow More
    Iranian, Saudi FMs meet on bilateral ties
    Iranian, Saudi FMs meet on bilateral ties
    June 4, 2023
    Egypt’s PM inspects service, development projects in Alexandria
    Egypt’s PM inspects service, development projects in Alexandria
    June 4, 2023
    FM Shoukry attends inauguration ceremony of Turkish President
    FM Shoukry attends inauguration ceremony of Turkish President
    June 3, 2023
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting 
    June 3, 2023
    India train crash kills at least 207, injures hundreds 
    India train crash kills at least 207, injures hundreds 
    June 3, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: The 7th International Takaful Summit in Egypt
Share
Notification
Latest News
HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
Banking
Al Ahly Pharos tops brokerage ranking in May
Al Ahly Pharos tops brokerage ranking in May
Business
Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > The 7th International Takaful Summit in Egypt
BankingBusiness

The 7th International Takaful Summit in Egypt

Daily News Egypt
Last updated: 2013/02/18 at 4:27 PM
By Daily News Egypt 5 Min Read
Share
Al Morsi Hegazy said that the UK-based finance magazine praised Egypt’s strong PPP programme, highlighting that the country had succeeded with these projects despite the global financial crisis and its own current economic instability (Photo Ministry of Finance Website)
Al Morsi Hegazy said that the UK-based finance magazine praised Egypt’s strong PPP programme, highlighting that the country had succeeded with these projects despite the global financial crisis and its own current economic instability (Photo Ministry of Finance Website)
SHARE
Minister of Finance Al-Morsi Hegazy said: “Egypt’s hosting this summit for the first time reflects confidence in the country’s economic future.” (Photo/Ministry of Finance Website)
Minister of Finance Al-Morsi Hegazy said: “Egypt’s hosting this summit for the first time reflects confidence in the country’s economic future.”
(Photo/Ministry of Finance Website)

By: Lamia Nabil  

The 7th International Takaful Summit launched on Monday for the first time in Egypt, bringing takaful insurance and Islamic finance proposals to Egypt.

During his opening speech, keynote speaker and Minister of Finance Al-Morsi Hegazy said: “Egypt’s hosting this summit for the first time reflects confidence in the country’s economic future.”

He also said that Egypt is expanding mechanisms to allow for Islamic finance products and services to be launched on the market and that the country is ready to adopt the summit’s ideas and proposals.

Islamic insurance began in Egypt in 2008. By 2012, there were 12 companies in the market with total growth reaching 27%. Total compensation volumes hit EGP 470m in 2012, compared to EGP 130m in 2008, and now represent 6% of total compensation volumes for the insurance market in Egypt as a whole, according to Hegazy.

He also added that takaful insurance accounts for 5% of the total insurance market in Egypt, with total premiums volumes estimated at EGP 5bn.

The Islamic insurance industry has demonstrated substantial growth with gross written premiums (GWP) estimated to have reached $12bn in 2012, coupled with a compound annual growth rate from 20% to 25%.

Hegazy also promised that introducing sukuk (Islamic bonds) or any other Islamic finance products to the Egyptian market will not lead to a reliance on these products in favour of traditional financing products.

The sukuk draft law will be proposed to Prime Minister Hesham Qandil next Wednesday before being submitted to the Shura Council for approval.

During his speech, Hegazy also said that the Ministry of Finance is considering setting up several energy projects to be funded using Islamic finance.

Iqbal Asaria, an associate at Afkar Consulting, said that the “vibrant” takaful industry has continued to display strong growth in recent years with many of the key markets still exhibiting double digit growth, often with takaful outstripping the growth of conventional insurance. However, the fallout from failing financial markets and the changing political landscape in the Middle East, especially Egypt, have put pressure on continual growth.

Asaria also added that despite these challenges there still remain fantastic opportunities for increasing market penetration in core markets in Egypt and the Middle East, as well as harvesting the undoubted potential in Southeast Asia, Africa, and some non-Muslim countries with significant Muslim populations.

Weqaya Takaful Insurance CEO Dr Metaib Al-Rawqi said that Egypt is the market exhibiting the greatest potential for takaful growth in the region. Geographically, the country is conveniently accessible to both the Middle East and Africa, where the industry is flourishing. “We felt that for these reasons the international takaful industry is very important for the Egyptian market,” he said.

Egyptian Financial Supervisory Authority (EFSA) Chairman Dr Ashraf El-Sharqawy said: “As it is our role to supervise the financial market, we welcome all Islamic products, for it is our belief that the market accommodates all products, whether Islamic or non-Islamic.”

Deputy Minister of Finance Mohamed Maait said that Egypti is a vast and attractive market for Islamic finance.

World Federation of the Takaful and Islamic Insurance Secretary General Sirag El Hadi Qarib-Allah said that the takaful model can also be marketed to non-Muslims as a green or ethical product. “A number of Sharia scholars have said that takaful should be capable of expanding beyond the Muslim world, and, if marketed correctly, it has wider potential,” he said.

You Might Also Like

HDB targets 25% growth in profits, various activities by 2023-end: CEO

Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank

146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023

Al Ahly Pharos tops brokerage ranking in May

Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties

TAGGED: Al-Morsi Hegazy, EFSA, Egyptian Financial Supervisory Authority, islamic bonds, islamic finance, minister of finance, shari'a, Sukuk, takaful
Share this Article
Facebook Twitter Email Print
Previous Article Monday 18 Feb. 2013, issue 2135
Next Article Protesters in Portsaid on Sunday (Photo by Islam Kotb) Port Said update: Minister of Justice responds to demands
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
Banking
Al Ahly Pharos tops brokerage ranking in May
Al Ahly Pharos tops brokerage ranking in May
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?