State-owned Kenyan reinsurer eyeing Egypt

INVESTMENT WATCH- State-owned Kenyan reinsurer eyeing Egypt: Kenya Reinsurance Corporation (Kenya Re) is planning to establish a subsidiary in Egypt specialized in Sharia-compliant reinsurance, the EastAfrican reports, quoting a company statement. Kenya Re is looking to provide “re-takaful” services, which is reinsurance for mutual guarantee or sharia-compliant “takaful” companies. The state-owned reinsurer would use KES 5.25 bn (c. USD 52.5 mn) from its cash reserves to set up its Egypt arm.