FAQ's

AT A GLANCE

 

Egyptian Life Takaful Company was established in 2006 as the first joint Takaful Insurance Company registered under the Insurance Companies’ Registry number 22 for 2007. The company’s shareholders include the most prestigious banks in Egypt with Gulf Insurance Group being the major shareholder. Egyptian Life Takaful Company is regulated by The Egyptian Financial Supervisory Authority (EFSA) and a Shariaa Supervisory Committee. At present time Egyptian Life Takaful Company, is only operating in Egypt, however it has wide geographical distribution nationwide.

 

 
   
   
 
 

WE HAVE A VISION

   

WE INNOVATE

   

WE EXCEL

 

For creating a better business

 

 

The way things are done

 

 

Passion for brilliance

         
 
 

Takaful Concept

 
 

Takaful Definition

 

Objective of Takaful

 

An alternative to the concept of insurance is the Islamic doctrine of Al-Takaful, as adopted by the Islamic operators today. This is because insurance may have a place in Shariaa, if it is approved by Shariaa practices based on shared responsibilities, mutual cooperation and solidarity to safeguard one against a defined risk.

 

 

Takaful provides customers with protection and security for themselves and for their families. Its main objective is to diversify the risk among the members. In Takaful the risk is shared mutually by the members of the common Takaful Fund under the Takaful scheme (Risk sharing).

     
     

The principles of Takaful

 

Contributions paid by the Policyholders to the company are directed as donations to the Takaful Fund. They are then invested in Shariaa compliant investment vehicles.

At the end of each fiscal year, the balance of this fund is determined and accordingly the following takes place:

  • In case of surplus in the Takaful Fund, the surplus is distributed between the company and the Policyholder according to the rules laid down by the Governing Council in this regard.
  • In case of deficit in the Takaful Fund, the shareholders will grant the Fund an interest free loan repaid from the fund surpluses in the future years.
Uncertainty is eliminated concerning subscription and compensation. It does not derive advantage at the cost of others.

 

 

Mission

 

Egyptian Life Takaful Company is making every effort to be the company of choice in the Middle East to its customers, shareholders and employees.

We will introduce the finest sharia compliant insurance products to the Egyptian market ensuring the peace of mind for our customers from the daily risks that threatens the future of their families supported by highly admired customer service.

We will also ensure that our shareholders are provided with profitable growth and substantial return on capital. Egyptian Life Takaful will provide its employees with an environment where they will be challenged, appreciated and respected.

Our promise is to be always with you whenever you need and wherever you are. We put our customers, shareholders and employees at the heart of everything we do.

 

 

 

Vision

 

Be the most sought after reputable internationally recognized insurer in providing professional risk solutions and comprehensive services.

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
             
             
 

BOARD OF DIRECTORS

 
             
 
 

Raafat El Salamony

Chairman - Egyptian Life Takaful Company

 

  Holds a bachelor degree of Commerce from Alexandria University with wide experience in the insurance sector. Mr. El Salamouny started working in 1988 in GIG as a Finance Manager till he reached the post of the Deputy General Manager. He is also board member in various companies, such as: Buruj Cooperative Insurance – Saudi Arabia, Arab Misr Insurance Group – Egypt, and Fajr El Gulf Insurance and Reinsurance Company – Lebanon.  
 
             
   

 

Alaa El Zohairy

Vice Chairman - Egyptian Life Takaful Company

   remah  

Rimah Asaad Ahmed

Managing Director - Egyptian Life Takaful Company

 
   

Holds a bachelor degree of Business Administration from Sadat Academy Egypt, in addition to a Diploma in Insurance Sciences, Cairo University. Currently, Mr. El Zohairy is the Managing Director of Arab Misr Insurance Group (AMIG). Prior joining to AMIG, he was the Operations Manager for ACE Insurance Company, the Engineering Insurance sector Manager for Suez Canal Insurance Company and the Reinsurance Specialist for Misr Insurance Company. Mr. El Zohairy is also a member in board of directors in the Egyptian Insurance Union and in the Arab Orient Insurance Company – Jordan.

 

 

 

 

   

Currently Managing Director at Egyptian Takaful Life.

Prior to this current post, Mr. Asaad worked with MetLife Alico for 20 years. His professional career with MetLife Alico is characterized by diversity in the roles he assumed. From Corporate Director to Director of Bancassurance and finally Director of Corporate Affairs.
In addition Mr. Asaad is certified as an Associate Underwriter and Associate Customer Service and won the International Sales Award from the Life Management Institute USA. He also was a winner of the worldwide sales award for the years 2003 and 2007 from the American International Group AIG.

Rimah Asaad received BA in Economics and Political Science from Cairo University and has 12 years of experience as an Executive Partner in Economic Consultancy Center.


 

 
             
 

 

 

Tareq Al Sahaf

CEO - Gulf Insurance and Reinsurance Co.

     

Ibrahim El Rayes

Chief Executive Officer - Bahrain Kuwait Insurance Company

 
   

He held several positions as the Assistant Manager of Marine and Aviation department, and the Manger of Marine and Aviation department in GIG to be changed to  GIRI.

 

 

 

 

 

    Holds a bachelor degree of Commerce from Beirut University and got an insurance certification from the Chartered Insurance Institute, United Kingdom. Mr. El Rayes joined (BKIC) in 1984; he held many positions as the General Manager, Business Development Senior Manager and Marketing Manager. He is also a member in board of directors in various companies, such as: United Insurance Company – Bahrain, Arab Orient Insurance Company – Jordan and Egyptian Life Takaful – Egypt.  
             
     

Abdel Ra’ouf Taha

General Manager of Retail Banking Operations - Banque Misr

     

Maged Ghaleb

Former Chairman - The Egyptian Endowments Authority

 
    Holds a bachelor of Business Administration and Executive Management Diploma. In addition to that, he is a member in bank technology committee. He was the General Manager of Smart Cards Applications Company.  Mr. Taha has total of 29 years of experience in retail banking businesses and operations. He has maintained key positions in a number of leading regional and international banks and institutions, namely National Commercial Bank, Citibank Egypt and MasterCard International. His roles in the past ranged from Operations & Technology Director, to Operations Director, to Retail Banking Group Head to Cards Business Manager.    

Holds a Master of Military Science in addition to a bachelor degree of Commerce.  He held various positions as the Prime Vice Minister of the Ministry of The Egyptian Endowments Authority and the Chairman of the Egyptian Endowments Authority Organization.

 

 

 

 

 

 
             
     

Ali Al Hendal

GIRI Deputy CEO - Operations

     

Mohsen Aboul Azm

Managing Director - Gulf Egypt for Hotels and Tourism

 
   

Holds a bachelor degree of Science in Information Technology, in addition to a Diploma in Insurance from the Chartered Insurance Institute – England. Since he joined GIG in 2005, he held several positions; he was the General Assistant Manager and the Board Secretariat.

 

 

    Holds a bachelor degree of Engineering from Alexandria University. Mr. Abu El Azm held several project management positions in many prestigious companies as United Building Company-Kuwait, National Housing Authority-Kuwait and Arab Contractors. He is also board member in various companies, such as: Arab Misr Insurance Group, Al Dhiyafa Holding Company, Egypt Air for Tourism Duty Free & El Karnak and Egypt Capital Holding.  
             
   

Ismail Hassan

Managing Director - Misr Iran Bank

   

Mohamed El Samman

Vice President - Al-Ahly Capital Holding

 
   

Holds a bachelor degree of Commerce from Ain Shams University, and got a Diploma from the institute of Statistical Studies and research. His professional career is characterized by immense diversity in various banking sectors. Among his significant previous positions, Mr. Hassan worked as a Consultant for the International Monetary Fund in both Yemen and Seychelles and also as the General Manager in the Bank’s Supervisory Department.

 

   

Holds a bachelor degree in Commerce from Cairo University and a CFA designation. He has a wealth experience in Corporate and investment banking at HSBC Egypt and investment management.

Currently, Mr. El Samaan is also the Deputy CEO Investment and Finance at Al Ahly Medical Services, he sits on the board of many companies including Misr Qena Cement, ASEC Menya Cement, as well as board audit, executive and commercial policies committees.

 
             
     

Mubarak Al Ayaar

Deputy Manager Reinsurance Department GIRI.

     

Soha Soliman

Managing Director - The Social Fund of Development

 
   

Holds a Double Bachelor Degree of BA management and Finance, in addition to a CII in Insurance from the Chartered Insurance Institute – London, England. Mr. Al Ayaar Joined GIC in 2012, during this period, he held RI accounts and treaties for Kuwait operation and assisting for Group companies. Previously, He had 5 years of experience in KIPCO asset management company managing investment funds and trading equities across MENA region.

 

   

Holds a bachelor degree of Commerce, from Cairo University. She was assigned to this position to focus on youth employment and expand the SMEs access to finance. Prior to SFD, Mrs. Soliman was the Head of the Commercial Banking and SME Division in the National Bank of Egypt, the Head of the Commercial Banking and SME Division in Audi Bank and the Vice President of Credit Agricole Egypt. She is also a board member in board of directors in ELTC, a member of the Ministerial Committee for Social Justice and the Chairman of the Arab Union for Small Enterprises.

 
             
             
 

 REGULATORS

 

 
 

The Egyptian Financial Supervisory Authority (EFSA)

 

 
  The Egyptian Financial Supervisory Authority, is a public Authority having a legal status, established in accordance to law 10 of year 2009.

EFSA is responsible for supervising and regulating non-banking financial markets and instruments, including the Capital Market and the Stock Exchange. In addition to all activities related to Insurance Services, Mortgages, Financial Leasing, Factoring and Securitization.

EFSA's role is to regulate the market and ensure its stability and competitiveness to attract more local and foreign investments.
 
 

 

The Shariaa Supervisory Committee

 

 
  The Shariaa Supervisory Committee has specific responsibilities for monitoring the activities of our Company to ensure that we abide with Shariaa principles. Their role includes reviewing all appropriate contracts and agreements relating to the group's transactions confirming compliance with Shariaa principles. The Committee currently comprises three of the world's most renowned and respected scholars on Islamic Shariaa:  
 

 

Dr. Nasr Farid Wasel

 

 
  He is the Chairman of the Board of rights and reform, the former Grand Mufti of Egypt from 1996 to 2002. He is a Professor of graduate studies and the Head of the comparative jurisprudence Department at the College of Shariaa and law at Al Azhar University in Cairo, and was assigned to the post of the Head of the Faculty of Shariaa and law in Daqahlia Governorate in 1995. He published over twenty books and scientific papers and studies in Islamic law and jurisprudence.  
 

 

Dr. Ali Gomaa

 

 
  He is an Egyptian Islamic scholar, jurist, and public figure. He specializes in Islamic Legal Theory. He follows the Shafi`i school of Islamic jurisprudence and the Ash'ari school of tenets of faith. He served as the eighteenth Grand Mufti of Egypt (2003-2013) of the Egyptian Islamic Legislation. He is one of the internationally most respected Islamic jurists according to a 2008 U.S. News & World Report "a highly promoted champion of moderate Islam", gender equality, and an "object of hatred among Islamists" according to The New Yorker.  
 


Dr. Refaat El Awaady

 

 
 

He is the Head of the Economics department in El Azhar University. He is also the Academic Advisor of the International Institute of Islamic thought in Cairo and the Director of the Scientific Signs in the Quran and Sunnah Office in Egypt. He holds bachelor degree in Economics from the El Azhar University in Cairo and he was the first professor to hold a Master degree in the Islamic Economics in Egypt, he also holds a PHD in Economics.  He published so many books in the Islamic Economics.

 

 
             
   

 

 

Member of Gulf Insurance Group

   

  Head Office: 32, Nozha Street - Heliopolis Cairo - Egypt

  16825 - 24138700             info@giglt.com.eg