By: Lamia Nabil/Daily news Egypt
The 7th International Takaful Summit launched on Monday for the first time in Egypt, bringing takafulinsurance 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.