|01 December, 2019

SABB Takaful signs insurance deal with Saudi British Bank

The contract duration is 12 months

A trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

A trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

REUTERS/Fahad Shadeed/Files
Riyadh – Mubasher: SABB Takaful Company announced a contract signoff with Saudi British Bank (SABB), according to a bourse filing.

SABB Takaful Company has issued new policy money and fidelity all risks premises insurance cover in the name of SABB.

The contracts’ total contribution is more than 1% of the total revenue as per the audited financial statements of SABB Takaful for 2019, with a total contribution of SAR 3.25 million, according to a statement to the Saudi Stock Exchange (Tadawul).

In addition, the contract duration is 12 months starting from 1 December 2019.

SABB Takaful disclosed that the financial impact of the policy will appear on the financial results of 2019.

The further confirmed that no preferential treatment was given on this policy and that it is within the usual business activity of the company.

Source: Mubasher

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