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Riyadh – Bank Aljazira has signed a bancassurance distribution agreement with Aljazira Takaful Taawuni Company, the two entities said in separate disclosures on Sunday.
The value of the one-year contract could not be determined, as the worth of the written premiums generated from the agreement is linked to the sales, which cannot be determined at the current time.
Upon the deal, Bank Aljazira will provide marketing, distribution, and sales agreement of bancassurance products for Aljazira Takaful. This activity is based on the approval of the Saudi Central Bank (SAMA) that was obtained on 15 August this year.
Both the lender and the insurance firm said the impact of this agreement will be positive and will reflect on the income statements for the years 2021 and 2022.
Source: Mubasher
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