Aljazira Takaful Taawuni Co. obtained the approval of the Saudi Arabian Monetary Authority (SAMA) to transfer the insurance portfolio from Bank Aljazira to the insurer as of Jan. 2020, Bank Aljazira said in a bourse statement.
The portfolio transfer is subject to the regulatory approvals.
The relevant financial impact is expected to appear on the insurer’s financials for FY2020.
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