Bank AlJazira signs 2 contracts worth SAR 49 mln with AlJazira Takaful

Bank AlJazira headquarters

Bank AlJazira  signed today, Nov. 9, two contracts with AlJazira Takaful Taawuni Co., a related party, to provide group insurance coverage for personal and mortgage loans for its customers at a value of SAR 21.7 million and SAR 27.4 million, respectively.

In two separate statements to Tadawul, Bank AlJazira indicated that the insurance coverage will start as of Nov. 9 for one year, pointing out that the two contracts are expected to have a direct positive impact on the bank’s financials for 2022 and 2023.

Abdul Al Sultan has an indirect interest in the two contracts being Bank AlJazira Vice Chairman as well as AlJazira Takaful Chairman. Nayef Al Abdulkarim has an indirect interest as Bank AlJazira CEO and Managing Director and AlJazira Takaful Vice Chairman. Meanwhile, Khaled Al-Othman has an indirect interest as head of Bank AlJazira retail banking services group and AlJazira Takaful board member, the statement added.

The contracts were executed within the normal course of business and were not granted any preferential benefits, the statement said.

Both contracts will have a positive impact on the company's 2022 and 2023 financials, AlJazira Takaful said in two separate statements to Tadawul, stressing that these deals are in the usual course of business and were not granted any preferential benefits.