IslamicFinance.de

Egypt's Wethaq Takaful Insurance has purchased EGP 17 million worth of investment certificates to fund the new waterway along the Suez Canal, said General Manager of Financial and Administration Affairs Abd El Aziz Labib. Labib referred to the Suez Canal investment certificate as a guaranteed saving pool, at an interest rate of 12%, which is higher than those invested in the Treasury bill and bonds. Furthermore, the Egyptian official said Wethaq Takaful's portfolio of total investments reached EGP 230 million by end of last fiscal year 2013/2014. The company plans to boost its investment portfolio to EGP 250 million by end of the current fiscal year.