Orient Takaful Insurance Company, affiliated with Al-Futtaim Group, contracted with Al Sheraa for Insurance Brokerage to provide Bavarian Auto Group's customers with a supplemental insurance policy. Bavarian Auto is the agent of BMW and MINI in Egypt. Sherif Monsif El Manawy, Orient's deputy executive, said that the new contract will compensate Bavarian Group's customers for their material losses, including partial or total damage, which can affect the car and its accessories, resulting from fire or burglary. El Manawy added that the supplemental insurance policy covers dilapidated auto spare parts, resulting from a crash or robbery, as well as fire, explosion, and deliberate sabotage by others. He pointed out that the insurance became very important in light of the high inflation rate resulting from exchange rate fluctuations. The insurance can maintain the market value of the property, which decreases due to the high inflation rate. He added that the majority of insurance policies offer compensation at the replacement cost, which preserves the customer's assets, especially cars, as the customer cannot repair his car in case of partial damage because of the high prices of spare parts, not to mention the total damage. At the signing ceremony, Orient was represented by chief executive Mohamed Mostafa Abd El Rasoul and El Manawy, while Al Sheraa was represented by managing director Mohamed Hamza and director of technical affairs Mohamed Fathi. Arab Orient Takaful in the United Arab Emirates, owned by Al Futtaim Group, is the main contributor to Orient Takaful Insurance-Egypt, with a share of 60%, while each of Abu Dhabi Islamic Bank (ADIB) and Union National Bank have a 20% share of the company. Al Sheraa for Insurance Brokerage was founded as an Egyptian contribution company under Law No. 159 of 1981, and Act No. 10 of the Supervision and Control of Insurance issued in 1981. Al Sheraa Group for Development and Trading Company owns 99% of Al Sheraa for Insurance Brokerage's capital, while the remaining 1% is owned by a group of individuals.
