Signing Bancassurance Agreement with Aljazira Takaful Taawuni Company
Date of Signing the Contract
2021-09-26 Corresponding to 1443-02-19
Contract Value
The value of the contract cannot be determined, as the value of the written premiums arising from the agreement is related to sales activities that cannot be determined.
Contract Details
Bank Aljazira will provide Marketing/ Distribution/ sales Agreement of “Bancassurance” products for Aljazira Takaful Taawuni Company , where the approval of the Saudi Central Bank “SAMA” was received on 15-08-2021 Corresponding to 1443-01-07
Contract Duration
One year
Financial Impact and the Relevant Period
The positive financial impact of this contract is expected to appear on the bank’s financial performance for 2021- 2022, starting from the signing date of the contract
Related Parties
Member of the Board of Directors and Vice-Chairman of the Bank’s Board of Directors, Eng. Abdul Majeed bin Ibrahim Al Sultan, has an indirect interest in this contract in his capacity as the Chairman of the Board of Directors of Aljazira Takaful Taawuni Company, as well as Mr. Khalid bin Othman Al Othman as the Head of the Retail Banking Group at Bank Aljazira and Vice Chairman of the Board of Directors of Aljazira Takaful Taawuni Company.
Additional Information
Bank Aljazira confirms that the contract is in the ordinary course of business and has not been granted any special benefits.
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