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Around150 million Egyptian pounds ($9.4 million) have been raised into Egypt’s newest joint venture Misr Life Takaful Insurance Company.
State-run Misr Insurance Holding (MIHC) signed on Tuesday the joint venture agreement with two of the country’s biggest public lenders; the National Bank of Egypt (NBE) and Banque Misr.
MIHC has a 12 percent stake in the venture, with its subsidiaries Misr Insurance and Misr Life Insurance are both holding a 20 percent stake in the JV respectively.
For the remaining 48 percent stake, the National Bank of Egypt, Banque Misr, and Misr Capital Investments are holding a 24 percent, 14 percent, and 10 percent, respectively.
| Shareholders’ name | Amount of Stake |
| Misr Insurance Holding Company | 12 percent |
| Misr Insurance | 20 percent |
| Misr Life Insurance | 20 percent |
| National Bank of Egypt (NBE) | 24 percent |
| Banque Misr | 14 percent |
| Misr Capital Investments | 10 percent |
