Bank Aljazira transfers its insurance portfolio to Aljazira Takaful Taawuni

The Saudi Monetary Authority (SAMA) has agreed the transfer of Bank Aljazira's insurance portfolio to its subsidiary Aljazira Takaful Taawuni Company. According to the bank's press release, the transfer will have a positive impact on its 2020 results.

This transaction follows the insurance agreements signed by the two parties in October 2019 worth 40 million SAR (10.7 million USD). Bank Aljazira owns 30% of Aljazira Takaful.

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