SABB Takaful Insurance Co. on Nov. 14 obtained Saudi British Bank’s (SABB) approval to renew the Takaful program for group debt insurance for one year from Oct. 1, 2018.

 

The annual premiums under the agreement are likely to represent over 20 percent of SABB Takaful’s total premiums, the insurer said in a bourse statement on Thursday.

 

The renewal is expected to have a positive impact on SABB Takaful’s financial results for fiscal year 2018.

 

The Saudi-listed insurer added that SABB is a related party; however, the policy was not granted any preferential terms.

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