SABB Takaful renews SAR 94 mln group creditor policy with SABB

Logo of SABB Takaful Co.

SABB Takaful Co. announced today, Feb. 1, the renewal of the group creditor policy worth SAR 94 million with Saudi British Bank (SABB), a related party, according to a bourse statement.

The policy is valid for one year from the signing date. The relevant financial impact is expected to appear in SABB Takaful’s 2021 results.

The insurance provider noted that the policy’s total contribution is more than 1% of total revenue as per its audited financial statement for 2020.

Board members Mohammed Alshayea, Bashar Alquinabit, Yassar Albarrak, Faris Alshareef, and Maha Alsudairi have a direct interest in the policy as they are representatives of SABB on the board of directors of SABB Takaful.

No special or preferential terms were granted under the abovementioned policy.