First Takaful ‘surprised’ it couldn't sell Weqaya stake to non-Saudi firms: Al-Attal

30/04/2015 Argaam
First Takaful Insurance Co. was not allowed to sell its 20 percent stake in Weqaya Takaful to none-Saudi insurance firms, according to Hussain Al-Attal, executive president of First Takaful.
 
Al-Attal said in an interview with CNBC Arabia that the company was surprised by the decision, adding that there are no laws or regulations to clarify against selling to non-Saudis.
 
He also said that his company could not find a buyer, despite the kingdom’s “promising” insurance sector. 
 
Al-Attal indicated that Weqaya controlled 1.5 percent of the insurance market in the Kingdom, while he said that First Takaful Co. controls 4 percent of Kuwait’s market and generated TRY 19.5 million ($7.3 million) from the Turkish market.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.