Aljazira Takaful signs 2 agreements worth SAR 2.97 mln with Bank Aljazira

31/05/2020 Argaam

 

 

Aljazira Takaful Taawuni Co. signed today two agreements with Bank Aljazira to renew the real estate financing portfolio protection contract at a value of SAR 663,040, as well as renewing the collective protection plan for the bank's employees (Al Bait Al-Hassan) at a value of SAR 2.3 million. 

 

The insurer said in two separate statements on Tadawul that both contracts term is valid for 1 year starting June 1, expecting a positive impact to be reflected on its financial results for 2020 and 2021. 

 

The agreements are pending the approval of the company’s general assembly. 

 

Both deals are related party transactions as the insurer’s chairman, Abdul Majeed Al-Sultan, is also a board member of the bank. In addition, board member, Khalid Al Othman, is one of the bank’s top executives. 

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