Riyadh – Mubasher: Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has penned a bancassurance contract Al Rajhi Bank.
Al Rajhi Takaful has been awarded the agreement on 16 November, which will be effective for 12 months, according to a bourse disclosure on Wednesday.
The insurance firm noted that the value of the contract cannot be determined, noting that “the value of the written premiums arising from the contract is linked to the sales activity, which cannot be determined.”
Upon the bancassurance deal, the bank will provide marketing and distribution of bancassurance products for Al Rajhi Takaful.
The financial impact meanwhile is expected to reflect on Al Rajhi Takaful’s income statements for the year 2022.