SABB Takaful and Amlak International sign Memorandum of Understanding

The MOU stipulates that Amlak shall recommend SABB Takaful's range of Family and General Takaful products to its corporate and retail customers.

The agreement was signed by Mr. David Hunt, Managing Director of SABB Takaful and Mr. Abdullah Al-Howaish, Managing Director of Amlak International.

Commenting on the occasion, Mr. David Hunt said: "We are pleased to sign this MOU with Amlak International, a company which shares the same vision and values as our own. This enables us to provide our Shariah-compliant Takaful products to all Amlak's customers."

SABB Takaful's products include savings and protections, providing individuals with financial support- for example, for their children's education. General Takaful plans provides simple cover for everyday risks, such as, travel, home and contents and personal accident. The commercial range offers products, such as, marine cargo, property and commercial fire protection in addition to Group Care and Saving Plans.

Mr. Abdullah Al-Howaish, Managing Director of Amlak International said, "This agreement will enable us to introduce and recommend to our customers valuable Shariah compliant Takaful plans offered by a leading provider of Takaful products and services." "Amlak International is committed to provide its clients with different shariah-compliant financing solutions from leading financial institutions in the kingdom, giving them the chance to choose and evaluate when making buying a house or financing a project," Mr. Al-Howaish added.

Amlak International is one of the leading real estate development and finance institutions in Saudi Arabia and the first to be licensed in the country by SAMA and the Ministry of Commerce. Amlak International is operating out of Riyadh and Jeddah to cover its customer base in the Central and Western region and will open shortly, its third branch in the Eastern region in Dammam.