Alinma Tokio Marine announces for signing a Group Credit Insurance policy with Alinma Bank on 12-02-1443H corresponding to 19-09-2021.
Date of Announcement of the Award
2021-09-19 Corresponding to 1443-02-12
Contract Subject Matter
Provide Insurance cover for borrowers portfolio
Date of Signing the Contract
2021-09-19 Corresponding to 1443-02-12
Contract Value
It may exceed 5% of gross annual sales of financial year 2021
Contract Details
Provide Insurance cover for borrowers portfolio
Contract Duration
12 months
Financial Impact and the Relevant Period
It is expected that it will have a positive impact on the financial results for the year 2021
Related Parties
Alinma Bank is a related party as it owns 28.75% of the company’s shares, represented by Mr. Abdullah Bin Ali Alkhalifa and Mr. Emad Bin Abdulrahman AlButairi, and Mr. Abdulmohsen Bin Abdulaziz AlFares is a member of the Board of Directors of Alinma Bank
Additional Information
The company confirms that the contract was made within the normal course of business and did not grant any preferential benefits,
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