Bank Aljazira on May 30 signed a mortgage portfolio protection agreement worth SAR 706,213 with Aljazira Takaful Taawuni Co., both parties said in statements to Tadawul.

 

Aljazira Takaful’s coverage started on June 1, and is valid for one year.

 

Relevant financial impact will reflect on earnings of Aljazira Takaful and Bank Aljazira in 2018 and 2019, the statement said.

 

Bank Aljazira deputy chairman Abdel Majeed Al Sultan and Aljazira Takaful board member Khalid Al Othman are related parties to the deal.

 

The bank’s shareholders have already approved the agreement on May 9, the statement added.

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