Bank AlJazira signs 2 agreements worth SAR 48.8 mln with AlJazira Takaful

Bank AlJazira branch

Bank AlJazira announced it signed today, Oct. 7, real estate finance portfolio protection services agreement and personal finance portfolio protection agreement with AlJazira Takaful Taawuni Co., according to a bourse filing.

Under the first agreement, valued at SAR 26.88 million, AlJazira Takaful will provide real estate financing portfolio protection services for the banks’ customers. Meanwhile, the second agreement is valued at SAR 21.95 million.

The bank noted that insurance coverage will start on Oct. 8 for one year, adding that both agreements are expected to have a direct impact on its financial results for 2021 and 2022.

The bank also noted that there are related parties, namely vice chairman Abdulmajeed Al Sultan who has an indirect interest in this contract as he is the chairman Aljazira Takaful, and Khalid Al Othman who has an indirect interest in this contract as he is the head of retail banking group of Bank AlJazira and vice chairman and board member of AlJazira Takaful.