Riyadh – Mubasher: Bank Aljazira announced that it has received the approval of the Saudi Arabian Monetary Authority (SAMA) to transfer its insurance portfolio to Aljazira Takaful Taawuni Company.

The transfer will come into effect from the beginning of January 2020, the bank disclosed in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

It is worth noting that Bank Aljazira owns a 30% stake in Aljazira Takaful.

A positive impact on the bank’s financial results is expected next year, the statement noted.

In October, Al Jazira signed two insurance agreements with its subsidiary with a total value of SAR 40 million.