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Islamic Finance Awards |
Bank Aljazira Takaful Ta’awuni
In June 2007, Bank Aljazira signed a memorandum of understanding with Prudential, which outlined the sale of Aljazira’s takaful arm, Takaful Ta’awuni division (TTD), into a new joint venture.
TTD was already well established but, under new Saudi Arabian Monetary Agency insurance regulations, the bank was required to separate insurance from banking via a new holding company. The law created a good opportunity for Prudential to leverage its international knowledge through Bank Aljazira’s platform.
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