SABB Takaful inks SAR 3.25 mln deal with SABB

SABB Takaful Co. announced on Sunday issuing a Money and Fidelity All Risks Premises Insurance policy worth SAR 3.25 million to Saudi British Bank (SABB), according to a bourse statement.

The one-year deal will be effective as of today. Dec. 1.

The Saudi insurance provider noted that the policy’s total contribution is more than 1% of total revenue as per its audited financial statement for 2019.

The contract’s financial impact will be reflected on the company’s annual figures.

Board members Mohammed Al-Shayea, Sami Al-Muhaid, Yasir Al-Barrak and Bashar Al-Qunaibet have direct interest in the policy as they are representatives of SABB in the insurer’s board, the statement added.

SABB Takaful confirmed that no preferential treatment was given on this policy and it is within the usual business of its activity.