Saudi cbank gives Weqaya Insurance grace time to meet capital hike conditions

16/03/2015 Argaam
Saudi Arabia’s central bank granted Weqaya Takaful Insurance additional time until June 30 to fulfill requirements for its capital increase.
 
The financially troubled insurer had previously submitted a request to extend the deadline by 60 days, starting on the day after its second general assembly meeting. 
 
The central bank earlier urged Weqaya’s board to restructure the company in order to fix its financial situation.  

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