Amlak Finance, Arab Orient Insurance & Abu Dhabi Islamic Bank to form 'Arab Orient Takaful Insurance Co' in Egypt

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Plans to establish a new entity - Arab Orient Takaful Insurance Co - are currently underway following the signing of the agreement.

According to the MoU, the three partners agreed to empower Arab Orient Insurance with the management of the new entity, thus ensuring the implementation of the highest standards of professional customer services as exercised by the company in the United Arab Emirates (UAE).

'Following Amlak's official launch of operations in Egypt in October 2007, I am delighted to announce today this partnership with two of the leading banking and insurance companies in the region,' commented Mr. Arif Alharmi, Chief Executive Officer, Amlak Finance.

'The Egyptian market has always been a key attraction to UAE investments, and with this new partnership I am confident of the future success of this new entity.'

He added: 'This initiative signals a new era of cooperation that is intended to bring the best products and services to a wide array of customers.'

'As one of the leading insurance companies in the UAE and having Standard & Poors interactive A- rating, Arab Orient Insurance Company will put in place sound underwriting policies and procedures, as well as an advanced Claims Management system, which will in effect guarantee an edge for the new entity in the Egyptian market,' said Mr. Omer Elamin, Senior Managing, Director Arab Orient Insurance Company.

He added: 'Arab Orient Insurance, which has already established a successful joint venture in Syria, is confident that the new company will bring in additional value to the Egyptian market.'

Commenting on the signing of the MoU, Mr. Khamis Buharoon, chairman of ADIB - Egypt, said: 'This partnership is reflective of our strong commitment to the Egyptian market which represents a key growth market for the ADIB group internationally. It is also in line with our strategy of offering customers a comprehensive array of worlds-class Islamic financial services.'

Following successful acquisition of National Bank for Development in 2007, ADIB brings to the new venture unique expertise and track record in Islamic financial services combined with a growing distribution network across Egypt.

The Insurance Supervisory Authority in Egypt welcomed the formation of the new entity and its chairman, Dr. Adel Rabeh, expressed his full support and assistance in order to ensure that the new Takaful Insurance Company plays an active role in advancing the industry in Egypt.