Bank Aljazira signs 4 deals worth SR8.6mln with Related Party

Bank Aljazira announces that on Sunday 16 Ramadan 1443, corresponding to 17 April 2022, an agreement worth two million was signed with Al-Jazira Takaful Taawuni Company to provide Banker Blanket bond.

Another agreement worth 33.521K was signed with Al-Jazira Takaful Taawuni Company for one year duration.

It is expected that it will have Positive impact on the financial results for the year 2022 – 2023.

Moreover, a third deal worth SR 6.3 million has been inked between the bank and the company for one year duration.

It is expected that it will have Positive impact on the financial results for the year 2022 – 2023.

The fourth signed deal was worth SR 329.743K for one year duration and it is expected that it will have Positive impact on the financial results for the year 2022 – 2023.

Related Parties:

The Chairman of the Company’s Board of Directors, Eng. Abdul Majeed bin Ibrahim Al Sultan has an indirect interest in this contract as he is a Board Member in Bank Aljazira, and also the Board Member, Mr. Khalid bin Othman Al Othman, has an indirect interest in this contract as he is a Board Member of Aljazira Takaful Taawuni Company and one of the Senior executives of Bank Aljazira.

Additional Information:

Bank Al Jazira confirms that the contract is in the ordinary course of business and has no preferential treatment.