Riyadh –  Aljazira Takaful Taawuni Company signed on 9 November 2022 facility agreements at a combined value of SAR 49.06 million with Bank Al Jazira to provide credit insurance plans for personal and mortgage loans.

The first deal which covers mortgage loans is valued at SAR 27.39 million, while the contract for personal loans stands at SAR 21.67 million, according to a recent bourse filing.

Valid for one year, the facility deals are expected to reflect positively on Aljazira Takaful’s income statements during the years 2022 and 2023.

In the first nine months (9M) of 2022, the company logged a net profit before Zakat worth SAR 26.15 million, an annual increase of 23.83% from SAR 21.12 million.

Meanwhile, Bank Aljazira witnessed an 11.32% year-on-year (YoY) growth in net profit to SAR 865.30 million during the January-September 2022 period, compared to SAR 777.30 million.

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