Al Firdous Group cancels insurance contracts with Salama

01/09/2019 Argaam

 

Salama Cooperative Insurance Company received on Aug. 20 a letter from Al Firdous Group requesting immediate cancelation of all insurance contracts with the insurer.

 

The request came in line with Salama shareholders’ decision and governance principles, as Hussein Bayari – a board member in Salama – also serves as a board member in Al Firdous, the insurer said in a bourse statement. 

 

Accordingly, Bayari will remain on Salama’s board of directors, the statement added.

 

On July 28, Salama announced that board member Hussein Bayari was given a period of time by shareholders until Aug. 31 to choose whether to continue as a board member in the insurer, or cancel the group’s contracts with Salama.

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