Egypt’s Misr Emirates Takaful Life Insurance (METLICO) is studying two funding mechanisms to buy a property where its Alexandria branch lies instead of paying rent, its managing director said Thursday.
The first mechanism is to secure a loan to finance the purchase of the property, METLICO’s managing director Salah Abdel Fattah told Amwal Al Ghad. That’s why METLICO is negotiating four banks to secure the loan, he added.
As for the second mechanism, Abdel Fattah said his company would allocate part of its investments to buy the property.
“We are now conducting feasibility studies on the two options, and will reach a decision within this month.” Abdel Fattah said.
METLICO has decided to purchase the property out of its willingness to avoid more administrative expenses as the rental prices periodically go higher, he added. It is also part of METLICO’s plans to boost its assets annually.
Founded in 2015, Misr Emirates Takaful Life Insurance Co is part of the UAE Islamic Arab Insurance Companies (SALAMA).
SALAMA has 6 direct Takaful companies who provide Takaful solutions to customers based in UAE, Saudi Arabia, Egypt, Senegal, Algeria, and Jordan.
