alBaraka Bank and Egyptian Life Takaful Company GIG Sign Bancassurance Agreement

alBaraka Bank and GIG Egyptian Hayat Takaful Company have signed a bancassurance agreement, allowing the bank to market and offer its insurance services and programs to customers through its branches.

The signing took place on Thursday, June 15, at the headquarters of alBaraka Bank, between Hazem Hegazy, CEO and Deputy Chairman of the Board of Al Baraka Bank, and Rabie Abdelkhalek, Managing Director of GIG Egypt Hayat Takaful Company.

Representatives from alBaraka Bank in attendance were Abd El Aziz Samir, Head of Retail Banking and Branches, Mohamed El Zahaby, Head of Product and Sales Channels, Sherif Hassanein, Head of Branches, and Azza Ezat, Insurance Products Manager.

From GIG Egypt, Mohamed Akef, Deputy Managing Director of Finance, and Farida Sonbol, Head of Bancassurance Sector, were present.

Hazem Hegazy, CEO and Deputy Chairman of the Board of Al Baraka Bank, expressed his delight in this strategic partnership with GIG Egyptian Hayat Takaful Company.

He emphasized that this step enhances the bank's efforts to implement its strategy aimed at providing a comprehensive range of financial and banking products and services that meet all the needs of alBaraka Bank's customers.

Abd El Aziz Samir, Head of Retail Banking and Branches, stated that offering bancassurance products within alBaraka Bank's branches contributes to facilitating customers' access to their banking and non-banking needs, such as bancassurance services, all in one place.

Furthermore, he mentioned that there is diversity in the provided services, products, and competitive programs, characterized by flexibility and the provision of various programs designed specifically for  alBaraka Bank's customers in compliance with Islamic Sharia principles.

Rabie Abdelkhalek, Managing Director of GIG Egypt Hayat Takaful Company, confirmed that the company looks forward to further successes and achievements from the strategic partnership with  alBaraka Bank, which is one of the largest banks operating in Sharia-compliant banking sector in Egypt. 

He highlighted that alBaraka Bank Egypt has a clear strategy and vision to achieve the highest levels of efficiency and market presence in the Egyptian market.