Bank Aljazira, Aljazira Takaful sign bancassurance distribution deal

Bank Aljazira will provide marketing, distribution, and sales agreement of bancassurance products for Aljazira Takaful

  
Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images
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

All Rights Reserved - Mubasher Info © 2005 - 2021 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.

More From Islamic Finance