|21 November, 2019

Saudi SAMA orders ACIG to raise statutory deposit

This was attributed to the decline of the company’s solvency ratio

Riyadh, Saudi Arabia: Al Rajhi Bank Head office - the world's largest Islamic bank by capital - sharia-compliant finance - Al Akaria office complex on Olaya Street.Image used for illustrative purpose

Riyadh, Saudi Arabia: Al Rajhi Bank Head office - the world's largest Islamic bank by capital - sharia-compliant finance - Al Akaria office complex on Olaya Street.Image used for illustrative purpose

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Riyadh -  Allied Cooperative Insurance Group (ACIG) announced that it has received a letter from the Saudi Arabian Monetary Authority (SAMA) obligating the company to increase the statutory deposit ratio to 15% of capital.

This was attributed to the decline of the company’s solvency ratio, below the required level, by the end of the third quarter (Q3) of 2019.

It is worth noting that the company’s accumulated losses amounted to SAR 59.59 million, representing 29.8% of its SAR 200-million capital.

Source: Mubasher

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