AlJazira Takaful signs two SAR 69M insurance contracts with Bank AlJazira

Logo of AlJazira Takaful Taawuni Co. (AlJazira Takaful)

AlJazira Takaful Taawuni Co. (AlJazira Takaful) signed two insurance contracts worth a combined SAR 69 million with Bank AlJazira on Dec. 10, according to separate statements by the company and the bank to Tadawul.

The first contract provides group protection insurance for the bank’s mortgage financing portfolio and is valued at SAR 45.95 million. The second covers group protection insurance for its personal financing portfolio and is valued at SAR 22.8 million.

Both agreements run for one year, starting from the coverage commencement date of Dec. 13, 2025. They are expected to have a direct impact on the bank’s financial statements for 2025 and 2026, and a positive effect on AlJazira Takaful’s financials over the same period.

The statements added that the contracts fall within the company’s ordinary business activities and do not include any preferential terms.

Several related parties hold indirect interests in the agreements. Abdulmajid Al-Sultan, Chairman of Bank AlJazira, has an indirect interest as he is a first-degree relative of a member of AlJazira Takaful’s board. Naif Al-Abdulkareem, CEO and Managing Director of Bank AlJazira, also has an indirect interest as he serves as Chairman of AlJazira Takaful.

Naif Al-Mesned, CEO of AlJazira Capital—wholly owned by Bank AlJazira—has an indirect interest as a board member of AlJazira Takaful. Board member Sami Al Mehiad also has an indirect interest and is a senior executive at Bank AlJazira, as does Mohammed Al-Mousa, who likewise serves as a senior executive at the bank.