Riyadh – Mubasher: Aljazira Takaful Taawuni Company inked an agreement worth SAR 19.211 million with Bank AlJazira to provide protection services for the personal finance portfolio of the bank’s clients.
The contract is effective for one year starting from 8 October 2020, according to a bourse disclosure on Wednesday.
Moreover, it will have a direct effect on the insurer’s financial statements for 2020 and 2021.
Aljazira Takaful’s chairman, Abdul Majeed Bin Ibrahim Al Sultan, has an indirect interest in the contract as being a board member in the bank.
Furthermore, board member, Khaled Othman Bin Al Othman, has an indirect interest in the deal; begin a member in Aljazira Takaful’s Board of Directors and one of the senior executives in the bank.
Aljazira Takaful is a 30%-owned subsidiary of Bank AlJazira.
