Bank Aljazira Signs Two Agreements with Aljazira Takaful for SR48.8 million

Bank Aljazira announced on Thursday the signing of two agreements with Aljazira Takaful Taawuni Company for SR48.8 million.

Bank Aljazira signed a personal finance portfolio protection services agreement with Aljazira Takaful Taawuni Company for SR21,950,963.09.

The first deal aims to provide personal finance portfolio protection services agreement for the banks’ customers.

The coverage starts on October 8, 2021 and for one year, Bank Aljazira said.

The Bank expected that that it will have a positive impact on the financial results for the year 2021 – 2022.

The vice chairman and board member of bank Aljazira Eng. Abdul Majeed Al Sultan has an indirect interest in this contract as he is the chairman of the board of Aljazira Takaful Taawuni Company, and Mr. Khalid Al Othman has an indirect interest in this contract as he is the head of retail banking group of Bank Aljazira and vice chairman / board member of Aljazira Takaful Taawuni Company.

Bank Aljazira has also signed a real estate financing portfolio protection services agreement with Aljazira Takaful Taawuni Company.

The second deal provides real estate financing portfolio protection services agreement for the banks’ customers with a value of SR26,880,947.84.

The coverage of the two contracts starts on October 8, 2021 and for one year, Bank Aljazira said.

Bank Aljazira confirms that the two contracts are in the ordinary course of business and has no preferential treatment.