Bank AlJazira headquarters
Bank AlJazira signed two one-year insurance contracts with AlJazira Takaful Cooperative Co. worth SAR 54.2 million, on Nov. 13.
The first contract, valued SAR 20.31 million, is for providing group credit insurance plan for personal loans for bank customers, the bank and the insurer said in separate statements.
The second contract, valued SAR 33.89 million, includes providing group credit insurance plan for bank customers’ mortgage loans.
Both the bank and the insurance firm expect the deals to have a direct impact on respective financial statements in 2023 and 2024.
Related parties include Abdulmajeed Al Sultan, who has indirect interest as Bank AlJazira’s Vice-Chairman and board member, and, Chairman of AlJazira Takaful.
Naif AlAbdulkareem has indirect interest as CEO and Managing Director of Bank AlJazira and the Vice-Chairman of AlJazira Takaful.
The contracts are in the ordinary course of business and have no preferential treatment, the statements said.
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