Misr Insurance Holding launches new microfinance firm

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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.