Al Rajhi Takaful, Al Rajhi Bank sign one-year bancassurance agreement

Logo of Al Rajhi Takaful

Al-Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) signed, on Nov. 16, an agreement with Al Rajhi Bank, to provide marketing and distribution of bancassurance products for the bank, in accordance with the relevant rules issued by the Saudi Central Bank (SAMA).

In a bourse statement, the company said the value of the contract cannot be determined, as the value of the written premiums arising from the contract is linked to the sales activity, which cannot be identified.

The one-year contract will impact 2022 financials, the statement added.

The deal has related parties, namely Chairman Abdullah Al Rajhi, Vice Chairman Saud Abdullah Al Rajhi, as well as board members, Naif Abdullah Al Rajhi and Waleed Al Moqbel.