Alinma Bank has renewed an agreement worth SAR 23 million annually with Alinma Tokio Marine Insurance Co. to provide insurance against fund risks.

 

Under the terms of the deal, the one-year insurance coverage will start on May 1, the company said in a statement to Tadawul. 

 

No preferential treatment was given on issuing the new coverage to Alinma Bank, which is a related party.

 

Alinma Bank holds a 28.75 percent stake in Alinma Tokio Marine Insurance Co., according to data available on Argaam.

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