First Takaful Insurance Co. was not allowed to sell its 20 percent stake in Weqaya Takaful to none-Saudi insurance firms, according to Hussain Al-Attal, executive president of First Takaful.
Al-Attal said in an interview with CNBC Arabia that the company was surprised by the decision, adding that there are no laws or regulations to clarify against selling to non-Saudis.
He also said that his company could not find a buyer, despite the kingdom’s “promising” insurance sector.
Al-Attal indicated that Weqaya controlled 1.5 percent of the insurance market in the Kingdom, while he said that First Takaful Co. controls 4 percent of Kuwait’s market and generated TRY 19.5 million ($7.3 million) from the Turkish market.
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