Bank AlJazira signs 2 contracts worth SAR 58.2M with AlJazira Takaful

Bank AlJazira signed two contracts with AlJazira Takaful Taawuni Co. for group credit insurance plans for its personal and mortgage portfolios valued at SAR 58.17 million.

The first contract is valued at SAR 21.18 million, while the second is worth SAR 36.99 million, the bank and insurer said in separate statements on Tadawul.

The coverage will start on Nov. 17, 2024, for one year. Both parties confirmed that the agreements are within the scope of ordinary business with no preferential terms.

Abdulmajeed Al-Sultan holds an indirect interest as Vice Chairman of Bank AlJazira and Chairman of AlJazira Takaful Taawuni. Naif Abdulkareem also has an indirect interest as CEO and Managing Director of the bank and Vice Chairman of the insurance firm. 

The contracts are expected to impact the bank's financial statements in 2024 and 2025.