Al Ahli Takaful approves 5% dividend for 2016, next year’s contracts

Al Ahli Takaful Co.’s extraordinary general assembly on May 7 approved a 5 percent cash dividend of SAR 8.3 million at SAR 0.5 per share, the company said in a statement to Tadawul on Monday.

The dividend will be deposited in shareholders’ bank accounts through the National Commercial Bank (NCB) on May 21.

During the meeting, shareholders approved insurance deals for 2018 with NCB (a related party). Last year’s contracts were worth SAR 109.6 million.

They also approved next year’s deals with Al-Ahli Insurance Service Marketing Co Ltd under a 10-year exclusive insurance agency agreement. The value of commissions in 2016 reached SAR 3.1 million.

Moreover, the company said it approved a management contract with FWU, a related party, for next year. In 2016, the contract was worth SAR 2.9 million.

Shareholders also approved an asset management agreement for next year with NCB Capital. The business conducted in 2016 under the agreement amounted to SAR 5 million.

Remuneration of SAR 1.6 million for the board of directors was approved for fiscal year 2016.