Solidarity set to establish EP60m Egyptian subsidiary

Operating from its headquarters in Cairo, Solidarity Egypt is set to play a key role in launching innovative insurance solutions to Egypt's growing population

Solidarity's new subsidiary in Egypt will offer a wide range of family Takaful products and services in that vibrant market.

"With a growing population and a thriving economy, Egypt offers an immense potential for personal insurance and in particular for family takaful, being a relatively new concept in that market" said Sameer Al Wazzan CEO, Solidarity Group.

"With our recently announced progress on entry into Saudi Arabia, our move into Egypt marks an important milestone in our global expansion strategy," he said.

"Solidarity Group is firmly on track to further its growth this year. We intend to establish a branch in the United Arab Emirates soon and are also working toward market entry in Pakistan and Indonesia" said Ashraf Bseisu, Deputy CEO, Solidarity Group.

"Our new subsidiary, Solidarity Egypt Takaful Company, will enable us to raise awareness of Sharia compliant insurance products and promote the benefits of our Family Takaful range to the Egyptian market," he said.

Solidarity Family Takaful Egypt is scheduled to commence operations during the fourth quarter of 2008.