GIG Egypt Life Takaful has announced it will distribute an exceptional surplus from its insurance activities to policyholders, marking the fourth consecutive year such payouts have been made.
The company confirmed that the surplus for the fiscal year ending June 30, 2024, will exceed 16.76 million Egyptian pounds. The distribution is carried out under the principles of Takaful insurance, which is founded on the concept of mutual cooperation and partnership between the insurer and its clients.
According to GIG Egypt Life Takaful, the move reflects the company’s commitment to sharing profits with its policyholders, in line with Islamic Sharia-compliant insurance models. The payout will be made under the supervision of Egypt’s Financial Regulatory Authority (FRA) and with the approval of the Sharia Supervisory Board.
“The distribution of surplus insurance activity is an essential feature of the Takaful system, which ensures that customers benefit directly from the financial performance of the insurance pool,” the company said in a statement.
The announcement marks the continuation of a policy that GIG Egypt Life Takaful has maintained for the past four years, rewarding customers who have contributed to the fund and upheld their commitments. The company emphasised that this year’s payout will be “unprecedented” in value, highlighting both its growth in the Egyptian insurance market and the effectiveness of the Takaful model.
Industry analysts note that such distributions can enhance customer loyalty and trust, offering a tangible return beyond traditional insurance coverage. In Egypt’s competitive insurance sector, the practice also strengthens the appeal of Sharia-compliant financial products.
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