Bank AlJazira has inked a mortgage portfolio protection agreement worth SAR 15.5 million with AlJazira Takaful Taawuni Co., both parties said in statements to the Saudi bourse.
AlJazira Takaful’s coverage started on June 2, and is valid for one year.
Relevant financial impact will reflect on earnings of Aljazira Takaful and Bank Aljazira during FY17 and FY18.
AlJazira Takaful Chairman Abdel Majeed bin Ibrahim is a related party and will be indirectly granted some privileges under both contracts, the statement said. He is also a board member in Bank AlJazira.
Bank AlJazira holds a 30 percent stake in AlJazira Takaful.
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