SABB Takaful barred from business

Saudi supervisory authority (SAMA) has ordered stoppage of operation for SABB Takaful, which means that the Saudi insurer is no longer entitled to deliver or renew insurance contracts.

SABB Takaful Company is detained by British bank HSBC and Saudi British Bank. The company set foot on the Saudi market in 2006 with a capital amounting back then to 100 million SAR (26.6 million USD).

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• Insurance industry in Saudi Arabia