Riyadh – Mubasher: Bank Al Jazira signed two insurance agreements with its subsidiary, Al Jazira Takaful Taawuni Company, at a total value of SAR 40 million.
The first agreement stipulates the protection of the real estate finance portfolio of the bank’s clients at a value of SAR 20.73 million, the two entities said is separate bourse filings on Tuesday.
The second agreement provides the protection of the personal financing portfolio of the bank’s clients at a total value of SAR 19 million.
Bank Al Jazira noted that the insurance coverage of the two agreements shall last for one year starting Tuesday, 8 October.
The impact of the two facilities will be directly reflected on the financial statements of the bank and the subsidiary during 2019 and 2020.
Bank Al Jazira emphasised that the ordinary general meeting (OGM) of the bank previously approved the two agreements.
