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Report: Misr Insurance Holding to launch new takaful insurance venture

Misr Insurance Holding Co. partnered with Banque Misr (SAE) and National Bank of Egypt (SAE) to launch a new takaful insurance company, Zawya reported.

National Bank of Egypt will own a 24% stake in Misr Takaful Life Insurance Co., while Misr Insurance Co. and Misr Life Insurance Co. will each own a 20% stake in the takaful insurer.

Banque Misr will own a 14% stake, Misr Insurance Holding will own a 12% stake and Misr Capital Investments SAE will own a 10% stake in the company, according to the report.