Dubai: Islamic mortgage lender Amlak Finance yesterday said it has signed a memorandum of understanding (MoU) with Arab Orient Insurance Company and Abu Dhabi Islamic Bank (Egypt) to launch a new joint venture insurance company in Egypt.
Steps to establish a new entity - Arab Orient Takaful Insurance - are currently under way 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 UAE.
Arif Al Harmi, chief executive of Amlak Finance, said: "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. This initiative signals a new era of cooperation that is intended to bring the best products and services to a wide array of customers."
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 world-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.