SABB Takaful renews SAR 3.2 mln money insurance policy with SABB

Logo of SABB Takaful Co.

SABB Takaful Co. announced today, March 2, the renewal of the money insurance policy worth SAR 3.25 million with Saudi British Bank (SABB), a related party, according to a bourse statement.

The policy’s total contribution stands at more than 1% of total revenue as per its audited financial statement for 2021.

The 12-month policy coverage will start on March 1, 2022. The policy covers the storage and movement of cash and valuables.

The relevant financial impact will be reflected on the company’s 2022 financial results.

Board members Mohammed Al-Shayea, Bashar Al-Qunaibet, Yasser Al-Barrak, Fares Al Sharif, and Maha Alsudairi have a direct interest in the policy as they are representatives of SABB to the insurer’s board.

SABB Takaful also affirmed that no preferential treatment was granted under this policy, which comes as part of its normal course of business, the statement added.