KSA - SABB Takaful extends two policies with SABB
Friday, 10 02 2020, Category: Islamic Insurance, Country: Saudi Arabia
SABB Takaful Co renewed the Property All Risk Insurance Policy with Saudi British Bank (SABB) on 28 September.
Total contribution exceeds 1% of the revenue as per the insurer’s audited financials for 2019 with the subscription value amounting to SAR 3.18 million, according to a recent bourse filing.
In a separate statement, SABB Takaful said it also extended the Group Care policy with SABB Bank.
Total contribution surpasses 1% of the revenue as per the insurer’s audited financials for 2019 and the subscription value totals SAR 3.59 million.
The effect of the two transactions will reflect on SABB Takaful’s financial statements for 2020.
Board members Mohammed Alshayea, Bashar Alquinabit, Yassar Albarrak, Faris Alshareef, and Maha Alsudairi have a direct interest in the policies as they are representatives of SABB Bank in SABB Takaful’s board.
SABB Takaful is a 65%-owned subsidiary of SABB.