Bank Aljazira renews two insurance deals with Aljazira Takaful

08/08/2018 Argaam

 

Bank Aljazira has renewed two insurance agreements for its personal finance portfolio and mortgage portfolio with Aljazira Takaful Taawuni Co. (a related party) for one year from Aug. 8, 2018, the bank said in a bourse statement.

 

The personal finance portfolio coverage contract is valued at SAR 15.64 million while the mortgage coverage contract is valued at SAR 17.53 million, the statement added.

 

The renewal, which was approved at the general assembly meeting held on May 9, will reflect directly on the bank’s financial results for fiscal years 2018 and 2019.

 

Bank Aljazira board member, Abdu Majeed Al Sultan, is also the chairman of Aljazira Takaful and major shareholder at Consolidated Brothers Co. which is one of the major shareholders of the bank, Aljazira said.

 

Khaled Al Othman, a top executive at the bank, is also a board member at the insurance company.

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