Aljazira Takaful inks two deals with Bank Aljazira

Aljazira Takaful Taawuni signed on Monday a SAR 19.1 million deal with Bank Aljazira to provide security services for the personal financing portfolios of the lenders clients, the insurer said in a bourse statement.

The coverage starts from Oct. 8, 2019.

The one-year deal is expected to have a direct impact on the firm’s financial statements for 2019 and 2020, it said.

Bank Aljazira is a related party as the firm’s Chairman Abdulmajeed Al-Sultan is a board member of the bank. Also, Aljazira Takaful’s board member Khalid Al-Othman is one of the bank’s board members and senior executives, the statement added.

In separate statement, both parties said that another agreement worth SAR 21 million was also signed so that Aljazira Takaful would provide security services for the mortgage portfolios of Bank Aljazira’s clients.

This deal has the same parties, date and direct impact as the aforementioned deal.