CMA slaps Bank Aljazira with SAR 50,000 fine for violations

28/02/2017 Argaam

Saudi Arabia’s Capital Market Authority (CMA) has fined Bank Aljazira a total of SAR 50,000 for violating Article 213 of the companies’ law, the market regulator said in a statement on Tuesday.

 

The bank failed to get shareholders’ approval for renewing the collective insurance agreement of its retail finance portfolio with Aljazira Takaful Ta’awuni Co. on Aug. 8, 2016.

 

Aljazira Takaful is a related party in which a board member of Bank Aljazira has an indirect interest, being the board chairman of the insurer.

 

The insurance firm is 30 percent owned by Bank Aljazira.

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