Bank AlJazira signs SAR 54.2 mln insurance contracts with AlJazira Takaful

Bank AlJazira headquarters

Bank AlJazira signed two insurance contracts with AlJazira Takaful Taawuni Co. worth SAR 54.2 million, on Nov. 13.

The first contract, valued SAR 20.31 million, is for providing group credit insurance plan for personal loans for bank customers, the bank and the insurer said in separate statements.

The second contract, valued SAR 33.89 million, includes providing group credit insurance plan for bank customers’ mortgage loans.

The two contracts are effective for one year starting Nov. 13, 2023.

Both the bank and the insurance firm expect the deals to have a positive impact on respective financial statements in 2023 and 2024.

Related parties include Abdulmajeed Al Sultan, who has indirect interest as Bank AlJazira’s Vice-Chairman and board member, and, as well as Chairman of AlJazira Takaful.

Naif AlAbdulkareem has indirect interest as CEO and Managing Director of Bank AlJazira and Vice Chairman of AlJazira Takaful.

The contracts are in the ordinary course of business and have no preferential treatment, the statements said.