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Aljazira Takaful inks SAR 2m deal with Bank AlJazira

Aljazira Takaful inks SAR 2m deal with Bank AlJazira
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JAZIRA TAKAFUL
8012
0.28% 14.38 0.04
BJAZ
1020
2.81% 16.82 0.46

Riyadh – Mubasher: Aljazira Takaful Taawuni Company on Sunday has signed an insurance contract worth SAR 2.3 million with Bank AlJazira for the renewal of the collective protection plan for the banks’ employees.

The plan has been renewed for one year effective as of 1 June 2020, according to a disclosure to the Saudi Stock Exchange (Tadawul).  

Moreover, the contract is subject to the approval of the upcoming general assembly of Aljazira Takaful.

As for its impact, the deal is seen to reflect positively on the insurer’s financial results over 2020 and 2021.

Bank Aljazira owns 30% of Aljazira Takaful, which makes a related party. In addition, both of the company’s chairman, Abdul Majeed Bin Ibrahim Al Sultan, and board member Khaled Bin Othman Al Othman, have an indirect interest in the contract, according to the statement.