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Faisal Islamic Bank of Egypt to raise stake in local insurance firm to 32.75%

Faisal Islamic Bank of Egypt (SAE) is planning to purchase an additional 8% stake in Egyptian Takaful Insurance Co. from fellow local lender Banque Misr (SAE), Amwal Al Ghad reported, citing Faisal Islamic Bank's Vice Chairman El-Sayed Bayoumi.

Faisal Islamic Bank currently holds a 24.75% stake in the insurance firm and the potential acquisition will see its raise that to 32.75%, according to Bayoumi.