Riyadh – Mubasher: The Saudi Arabian Monetary Agency (SAMA) rejected a request from Weqaya Takaful Insurance and Reinsurance to increase its capital, saying that the company didn’t meet basic requirements for that, according to a statement released Wednesday.
Earlier in April, SAMA said that that it will take the necessary legal and judicial actions against any parties whose violations of relevant laws and instructions are proven.
Weqaya announced that it accepted the resignation of its board of directors on 7 April as after SAMA’s rejection to the capital hike request.
The company’s Managing Director and Director, Hussein Al-Attal, told Mubasher that all losses would have been extinguished if SAMA approved the request.
