Aljazira Takaful completes Bank AlJazira insurance portfolio transfer as of Jan. 1, 2020

18/06/2020 Argaam

 

Aljazira Takaful Taawuni Co. announced that it completed the transfer process of Bank AlJazira’s insurance portfolio to the company (related party) as of Jan. 1, 2020. 

 

The financial impact of this process is expected to reflect on the company's statements for the fiscal year ending Dec. 31, 2020. 

 

In a separate statement, Bank AlJazira affirmed in turn that the financial impact of this transfer is expected to reflect on the bank’s statements for the fiscal year ending Dec. 31, 2020. 

 

In December 2019, Aljazira Takaful obtained the approval of the Saudi Arabian Monetary Authority (SAMA) to transfer the insurance portfolio from Bank Aljazira to the insurer as of January 2020, Argaam earlier reported. 

 

Bank AlJazira owns 30% of Aljazira Takaful’s shares.

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