SABB Takaful approves contracts with SABB, HSBC Saudi

16/04/2017 Argaam

SABB Takaful Co.’s extraordinary general assembly (EGM) has approved annual insurance contracts for 2016 worth around SAR 53.2 million with Saudi British Bank (SABB), a related party, in addition to claims amounting to SAR 28.3 million, the company said in a statement to Tadawul on Sunday.

 

The EGM also approved operating, asset and IT infrastructure contracts with SABB worth about SAR 4.3 million.

 

Moreover, shareholders approved murahaba deposits with SABB worth SAR 731,000 and commissions worth SAR 259,000.

 

An annual contract with SAAB Insurance Agency was approved for the exclusive sale of insurance products, with commissions reaching about SAR 5.5 million.

 

The EGM also approved annual insurance contracts with HSBC Saudi Arabia worth SAR 905,000, as well as an investment management contract with the lender worth SAR 353.7 million. 

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