Alahli Takaful Co.

Alahli Takaful Co. signed today, July 29, a five-year bancassurance distribution agreement with Saudi National Bank (SNB), a related party, according to a bourse filing.

 

The Saudi Central Bank’s (SAMA) approval for SNB to market and distribute Alahli Takaful products was received on July 8, the insurer said in a bourse filing.

 

The value of the contract cannot be determined, as the value of the written premiums arising from the agreement is related to sales activities, which cannot be determined.

 

The financial impact of this contract is expected to appear on the company’s 2021 financial performance, starting from the contract signing date.

 

Omar Mohammed Hashem and Khalid Mohammed Bashniny have an indirect interest as representatives of SNB on Alahli Takaful’s board.

 

Alahli Takaful confirmed that the contract is in the ordinary course of business and has not been granted any special benefits.

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