Saudi Bank AlJazira inks $5.86mln agreement with Aljazira Takaful

This agreement will have a direct impact on the bank's financial statements

  
Image used for illustrative purpose. Multiple banknote on wooden table.

Image used for illustrative purpose. Multiple banknote on wooden table.

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Riyadh – Bank AlJazira has signed a SAR 21.81 million agreement with Aljazira Takaful Taawuni Company which will provide mortgage portfolio protection services for the bank's clients.

The agreement will be effective for a year starting 8 October 2020, according to the bank's disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

This agreement will have a direct impact on the bank's financial statements for the years 2020 and 2021.

It is noteworthy to mention that in the second quarter (Q2) of 2020, the bank reported a 34.15% decline in net profits to SAR 165.8 million from SAR 251.8 million in Q2-19.

Source: Mubasher

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