Riyadh - Mubasher: Bank AlJazira has completed the procedures to transfer its insurance portfolio to Aljazira Takaful Taawuni Company effective as of 1 January 2020.

The transaction’s material impact is likely to reflect on the lender’s and the insurer’s financial statements for the fiscal year (FY) ending on 31 December 2020, according to two bourse filings on Thursday.

In December, the Saudi Arabian Monetary Authority (SAMA) approved the aforementioned transfer process.

Last May, Aljazira signed an insurance contract of SAR 2.3 million with the bank for the renewal of the collective protection plan for the banks’ employees.

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