Bank Aljazira signs 2 agreements worth over SAR 41 mln with Aljazira Takaful

Bank Aljazira signed two agreements with Aljazira Takaful Taawuni Co. today, Oct. 6, to offer insurance coverage for real estate and personal finance portfolios to the bank clients at SAR 21.81 million and SAR 19.21 million, respectively. 

The general assembly meeting, held on April 15, gave the go-ahead for signing the two agreements, the bank said in a bourse statement.

The insurance coverage of the two agreements is for one year, starting from Oct. 8, 2020, and will have a direct impact on the bank’s financial statements in 2020 and 2021.

Abdul Majeed Al Sultan, the bank’s vice chairman, has an indirect interest in these agreements in his capacity as the chairman of Aljazira Takaful. Khalid Al Othman, head of the retail banking group at Bank AlJazira and member of AlJazira Takaful’s board of directors, also has an indirect interest in the agreements, the statement added.