{"id":583709,"date":"2023-03-20T00:00:00","date_gmt":"2023-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/kaf-receives-license-to-provide-commercial-life-ins\/"},"modified":"2023-03-20T00:00:00","modified_gmt":"2023-03-20T00:00:00","slug":"kaf-receives-license-to-provide-commercial-life-ins","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/kaf-receives-license-to-provide-commercial-life-ins\/","title":{"rendered":"Kaf receives license to provide commercial life ins"},"content":{"rendered":"<p><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Kaf is now a commercial life ins. provider: <\/span><span style=\"\">Kaf Life Ins. has obtained a <\/span><span>commercial life ins. license from the Financial Regulatory Authority (FRA), making it the first Egyptian insurer to make the switch from being a shariah-compliant takaful provider, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Kaf-Conversion_E_Final.docx.pdf\" style=\"\">a statement (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Kaf-Conversion_E_Final.docx.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Kaf-Conversion_E_Final.docx.pdf\" style=\"\">)<\/a><\/span><span style=\"font-weight:400;\"> yesterday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About Kaf:<\/span><span style=\"font-weight:400;\"> Kaf offers life, savings and health ins. services and is looking to distinguish itself through its use of tech. Kaf currently targets employers, small businesses and micro segment enterprises.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Part of a wider rebranding: <\/span><span>EFG Finance (the non-bank financial services arm of EFG Hermes) and GB Capital <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-as-kaf-82079\/\" style=\"\">rebranded<\/a><\/span><span> life ins. company Tokio Marine Egypt Family Takaful as Kaf following <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2020\/08\/30\/efg-hermes-gb-capital-close-acquisition-of-majority-stake-in-tokio-marines-egypt-arm-20884\/\" style=\"\">their acquisition<\/a><\/span><span> of a majority stake in the company in 2020. The two companies acquired a combined 75% stake (with each company holding 37.5%) in the Japanese company\u2019s Egyptian subsidiary for EGP 84.75 mn. Tokio Marine Egypt\u2019s Japanese parent company holds the remaining 25% stake. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">New management announced:<\/span><span> George Ghobrial (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/george-ghobrial-b5100522\" style=\"\">LinkedIn<\/a><\/span><span>) was appointed CEO and managing director of Kaf in February following approval from the FRA, the release said. He succeeds Sohail Ali, who was brought in as the new CEO by EFG Finance and GB Capital after the acquisitions. Kaf has also <\/span><span>appointed <\/span><span>a new COO Rafik Samy (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/rafik-samy-71a6b131\/\" style=\"\">LinkedIn<\/a><\/span><span>)<\/span><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EFG Hermes and GB Auto acquired 75% of the firm in 2020<\/p>\n","protected":false},"author":1,"featured_media":583710,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8313],"tags":[84,72,76,503,2471,6793,181,9238,2472],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-efg-hermes","tag-enterpriseam","tag-financial-regulatory-authority","tag-financial-services","tag-gb-capital","tag-george-ghobrial","tag-insurance","tag-kaf","tag-tokio-marine","wpautop","entry"],"acf":{"mongo_id":"55387105-6e24-478c-b688-c6093be69640","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Umbrellas-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egyptian Takaful insurer Kaf will now offer commercial life insurance products","related_issue":[583697],"teaser":"EFG Hermes and GB Auto acquired 75% of the firm in 2020","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.dd8e2046-478a-4d64-b94f-753afd541d6f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Refresher: EFG Hermes\u2019 NBFS arm, EFG Finance, and GB Capital acquired a\u2026","rel":"","context":"In &quot;FINANCIAL SERVICES&quot;","block_context":{"text":"FINANCIAL SERVICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-services\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":671196,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/02\/govt-to-carry-out-egp-5-bn-emergency-rail-maintenance\/","url_meta":{"origin":583709,"position":1},"title":"Gov\u2019t to carry out EGP 5 bn emergency rail maintenance","author":"enterpriseam admin","date":"2 September 2025","format":false,"excerpt":"PLUS- Five NBFS players secure licenses from the FRA","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/9\/95.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548352,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/seven-nbfis-recognized-for-sustainability\/","url_meta":{"origin":583709,"position":2},"title":"Seven NBFIs recognized for sustainability","author":"enterpriseam admin","date":"4 August 2022","format":false,"excerpt":"Seven non-banking financial institutions have been recognized for their sustainable business practices by the Financial Regulatory Authority, the regulator said in a statement (pdf). EFG Hermes, EFG Hermes Corp-Solutions, Tamweely, AXA Life Ins, Gig Egypt, and the ins. funds for employees of the New and Renewable Energy Authority (NREA) and\u2026","rel":"","context":"In &quot;Kudos&quot;","block_context":{"text":"Kudos","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/kudos\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557500,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/there-was-a-bunch-of-news-on-the-non-bank-lending-front-yesterday\/","url_meta":{"origin":583709,"position":3},"title":"There was a bunch of news on the non-bank lending front yesterday","author":"enterpriseam admin","date":"21 September 2021","format":false,"excerpt":"A lot of news related to non-bank lending landed yesterday. Here\u2019s a snapshot: The Central Bank of Egypt (CBE) and the Financial Regulatory Authority will collaborate to issue licenses for consumer finance companies, under the terms of an partnership agreement signed by both parties (pdf).EFG Hermes Corp-Solutions will provide Arkan\u2026","rel":"","context":"In &quot;Finance&quot;","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591971,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/23\/efg-gb-nbfs-arms-team-up-to-acquire-majority-stake-in-tokio-marine-egypt-family-takaful\/","url_meta":{"origin":583709,"position":4},"title":"EFG, GB NBFS arms team up to acquire majority stake in Tokio Marine Egypt Family Takaful","author":"enterpriseam admin","date":"23 December 2019","format":false,"excerpt":"M&A WATCH- EFG Hermes, GB Auto jointly acquire majority stake in Tokio Marine Egypt: A consortium of EFG Hermes and GB Auto\u2019s non-banking financial services arms has acquired 75% of Japan\u2019s Tokio Marine Holdings life insurance subsidiary Tokio Marine Egypt Family Takaful in an EGP 84.75 mn transaction, according to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/efg-hermes-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621804,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/03\/north-petroleum-to-boost-production-from-western-desert-block-plus-news-from-harbour-energy-alfa-trans-mal-bazaar-instapay\/","url_meta":{"origin":583709,"position":5},"title":"North Petroleum to boost production from Western Desert block. PLUS: News from Harbour Energy, Alfa Trans, Mal Bazaar, Instapay","author":"enterpriseam admin","date":"3 June 2024","format":false,"excerpt":"Harbour Energy snaps concessions in the Nile Delta, Mediterranean","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/583709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=583709"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/583709\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/583697"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/583710"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=583709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=583709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=583709"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=583709"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=583709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}