Signing Bancassurance Agreement with Bank Aljazira
Date of Announcement of the Award
2021-09-26 Corresponding to 1443-02-19
Contract Subject Matter
Signing Bancassurance Agreement with Bank Aljazira
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 to provide Marketing & Distribution Agreement “Bancassurance” for Aljazira Takaful Taawuni Company products, 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 financial impact of this contract is expected to appear on the company's financial performance for 2021- 2022, starting from the signing of the contract
Related Parties
The Chairman of the Company’s Board of Directors, Eng. Abdul Majeed bin Ibrahim Al Sultan has an indirect interest in this contract as he is a Board Member in Bank Aljazira, and the Board Member, Mr. Khalid bin Othman Al Othman, has an indirect interest in this contract as he is a Board Member of Aljazira Takaful Taawuni Company and one of the Senior executives of Bank Aljazira.
Additional Information
Aljazira Takaful Taawuni Company confirms that the contract is in the ordinary course of business and has not been granted any special benefits.
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