Riyadh – Mubasher: Bank Aljazira announced that it has received the approval of the Saudi Arabian Monetary Authority (SAMA) to transfer its insurance portfolio to Aljazira Takaful Taawuni Company.

The transfer will come into effect from the beginning of January 2020, the bank disclosed in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

It is worth noting that Bank Aljazira owns a 30% stake in Aljazira Takaful.

A positive impact on the bank’s financial results is expected next year, the statement noted.

In October, Al Jazira signed two insurance agreements with its subsidiary with a total value of SAR 40 million.

 

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.