Al Rajhi Takaful awarded deal with Social Development Bank

Al Rajhi Takaful will provide life insurance services for the bank’s loan portfolio

  
Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

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Riyadh – Mubasher: Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has been awarded a contract with Social Development Bank on Sunday, 26 September.

Al Rajhi Takaful will provide life insurance services for the bank’s loan portfolio as well as for motor insurance, according to a bourse filing on Monday.

The contract value cannot be determined, as the worth of the written premiums resulting from the agreement is linked to the contract’s activities with the Social Development Bank, which cannot be determined at the present time.

The insurance firm noted that the deal will likely have an impact on the company’s financial results in 2021.

No further details, including the contract duration, were disclosed.

Source: Mubasher

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