Arab Finance: Misr Insurance Holding has obtained a license from the Financial Regulatory Authority (FRA) to launch Maak microfinance company, with about EGP9 billion in targeted funds over five years, an unnamed source familiar with the matter told Asharq Business.

The company aims to grant financing of EGP 1 billion during the first year of inception, the source added, expecting these funds to double with its expansion plan across governorates.

Established with a capital of EGP 75 million, Maak Microfinance Company is 97%-owned by Misr Finance for Financial Services, a subsidiary of Misr Insurance Holding Company.

Mahmoud Al-Sakka, Chairman of Misr Finance, will be the head of the new company, with Ahmed Deif as his deputy.

In March 2023, President Abdel Fattah El-Sisi issued a presidential decree transferring the entire share ownership of Misr Insurance Holding Company to the Sovereign Fund of Egypt (TSFE).

Before transferring its ownership to the TSFE, Misr Insurance Holding Company was affiliated with the Ministry of Public Business Sector.

ECA approves 7 major acquisition deals Updated 11/11/2024 7:44:00 AM

FRA enacts measures to safeguard securities clients' accounts Updated 10/31/2024 12:45:00 PM

FRA suspends issuance of consumer finance, microfinance licenses for 1 year Updated 10/14/2024 8:19:00 AM

Emirates NBD, ABA pen EGP 400M loan deal to promote microfinance services Updated 10/8/2024 3:16:00 PM

Egypt launches 1st microinsurance company under new unified insurance law Updated 10/7/2024 4:02:00 AM