Sherif Azzazy, Managing Director of Misr Emirates Life Takaful – SALAMA, announced the company’s plan to inject EGP 340 million to increase its paid-in capital during 2025.

Azzazy stated that the company’s current capital stands at EGP 60 million, explaining that the planned increase will be made in several phases, aiming to reach EGP 400 million by the end of the year.

Sherif Azzazy highlighted that, for the first time since its establishment, Misr Emirates Life Takaful – Salama has decided to distribute profits to be reinvested in the form of a capital increase.

In an exclusive statement, Azzazy revealed that EGP 40 million will be injected as a first phase of the company’s plan to strengthen its financial solvency, fully funded from retained earnings.

He added that an extraordinary general assembly meeting is scheduled to be held within the next month to approve this initial phase of the capital increase, along with endorsing the company’s issued capital increase to EGP 600 million.

Azzazy explained that this move aligns with the requirements of the Financial Regulatory Authority (FRA) under the provisions of the Unified Insurance Law, noting that the company aims to reach EGP 600 million in capital by the end of 2026.

It is worth noting that Misr Emirates Life Takaful – Salama was established in 2015. It is a joint stock Egyptian company operating in Takaful life insurance in Egypt in accordance with Islamic Sharia principles.

The company’s ownership structure is divided as follows:

· 80.1% owned by Salama in the UAE

· 9.95% owned by Salama Takaful Insurance – Egypt

· 9.95% owned by Faisal Islamic Bank of Egypt.