News Room
SABB Takaful Company is pleased to announce the appointment of Mr. Adrian Flowers to the position of Chief Executive Officer commencing on May 21, 2011
Before joining SABB Takaful, Mr. Adrian was the General Manager of Beneficial Finance in HSBC Europe. In SABB Takaful, he started as the Head of Distribution and Deputy CEO. This was followed by Acting CEO in October 25, 2010. Adrian Flowers brings over 20 years of experience in banking and insurance from the U.K, U.S.A, and Europe to his new role.
SABB Takaful Board members and Staff are looking forward to the bright future they will achieve through Adrian's leadership.
21 May 2011
At the Extraordinary General Meeting (EGM) of the Company held in Riyadh on 8 August 2009, shareholders of SABB Takaful voted to increase the Company's capital by issuing rights issue shares with a total value of SAR 300 million.
Presided by Dr. YazidAbdulrahmanAl-Ohaly, Chairman of SABB Takaful, representatives of the Ministry of Commerce and Industry and the Capital Market Authority.
Dr. Al Ohaly, said: "We are very pleased that our shareholders have approved the rights issue which can now proceed in accordance with CMA regulations”.
The subscription period for the rights issue will begin on 15 August 2009 and end on 26 August 2009. The rights issue offering is being made to SABB Takaful shareholders registered with Tadawul at the close of trading on 8 August 2009.
The rights issue price is SAR 12.50 per share, and the number of rights issue shares is 24 million shares. Shares not subscribed for, if any, will be available for eligible shareholders who subscribe for their rights in full. The prices of the additional shares subscribed for is SAR12.50, SAR 19, SAR 26, and SAR 33.
The prospectus for the rights issue is available on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa), Financial Advisor and Lead Manager.
11 Aug 2009
The extraordinary general assembly of SABB Takaful Co. shareholders approved on Saturday 08/08/2009 (17/08/1430) the capital increase through rights issue. A fluctuation limit of 10% will be calculated on the base of SR 34.90 as a share price for this day Sunday 09/08/2009 (18/08/1430).
09 Aug 2009
RIYADH - 13 July 2009: SABB Takaful has called for an Extraordinary General Meeting (EGM) of the company on 8 August 2009 to vote on the proposed rights issue.
The meeting has been called following approval by the Capital Market Authority (CMA), on 28 June 2009, of an application to increase the company’s capital through a rights issue with a total value of SAR 300 million.
Dr. Yazid AbdulRahman Al Ohaly, Chairman of SABB Takaful said, "At the EGM, eligible shareholders will vote to increase the capital of SABB Takaful through a rights issue at the recommended price of offered shares".
Aldukheil Financial Group has been appointed by the Company to act as Financial Advisor and Lead Manager for the rights issue, while Saudi Hollandi Capital has been appointed to act as the Underwriter.
The rights issue offering is being made to SABB Takaful shareholders registered with Tadawul at the close of trading on the date of the EGM.
Shareholders owning 20 or more shares may attend the EGM in person or nominate another shareholder through a power of attorney.
Attendance to the EGM will be open for all eligible shareholders from 5:00 pm onwards at the headquarters of the Saudi British Bank, Prince Abdul-Aziz Bin Musaed Bin Jalawi Street, Riyadh. Those wishing to attend the meeting should register their names and the number of shares they own or represent on the day of the EGM between 3:30 pm and the start of the meeting.
The prospectus for the rights issue will be available shortly on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa).
…ends…
SABB Takaful Company – www.sabbtakaful.com
SABB Takaful is a leading provider of Islamic insurance products in Saudi Arabia. It began trading in July 2007 and was the first Takaful company in the Kingdom to be listed on the Tadawul, the Saudi stock exchange, and the first in the HSBC Group to be publicly quoted.
SABB Takaful offers a comprehensive range of Takaful plans to meet individual and corporate customers’ protection needs in the Kingdom including Shariah-compliant protection and savings schemes for individuals and families as well as property and marine plans for commercial customers.
Capitalised at SAR 100-million, SABB Takaful is 32.5% owned by SABB, one of Saudi Arabia’s largest financial services groups, and 32.5% by subsidiaries of the HSBC Group, with the balance owned by the public through an Initial Public Offering.
13 July 2009
SABB Takaful applied to CMA for approval to increase its capital by way of Rights Issue for SAR 300.000.000 (Saudi Riyals Three Hundred Millions). The issue will be available to shareholders registered in the shareholders register as of the end of trading on the day of Extra-Ordinary General Meeting to be scheduled by the Board of Directors at a later date. The launch price and number of shares offered for subscription will be decided after the end of trading on the day of the Extra-Ordinary General Meeting in line with the regular requirements and quality and quantity criteria applicable to all companies seeking capital increase. CMA has now approved SABB Takaful request for capital increase, and a Rights Issue prospectus will be prepared and made available to the public accordingly.
28 June 2009
SABB Takaful Named Best Takaful Provider for 2009 in Euromoney Global Awards
SABB Takaful has been named global Best Takaful Provider by Euromoney Magazine in its prestigious annual Islamic Finance Awards. The company beat competition from across the world to secure the award for the first time.
The Euromoney Awards, which were presented inLondon on 24th February, cited SABB Takaful’s excellent performance in the short period since its creation: “It has grown impressively in the past 12 months in Saudi Arabia. During 2008, the insurance provider has taken SAR195million ($52million) in contributions, with 80% coming from Family Takaful products.”
Dr. Yazid Al Ohaly, Chairman of the Board of SABB Takaful, added, “It is a great honour to be named Best Takaful Provider by Euromoney in their annual, global awards. We are a young business and I believe this award is recognition of the hard work and expertise of our people, combined with the appeal and success of our products. It is also a sign of the growing strength of Takaful in the Kingdom that a Saudi firm should win this award, ahead of strong, established competition from other parts of the Islamic world.
“A compelling proposition and comprehensive product range, practical use of technology, a successful banctakaful model focusing on customer service, innovative marketing campaigns and our people – with a high Saudisation ratio of 70% - have led to the capture of this award. It highlights the broad appeal and comprehensive range of General and Family Takaful products for personal and corporate customers.”
David Hunt, Managing Director concluded, “We are determined to maintain the levels of innovation and service that have helped us secure this award. This is no time for complacency and our customers can rest assured that the excellent standards recognized by Euromoney will be developed even further in the future.”
01 March 2009
Saudi Arabian Airlines and SABB Takaful To Partner in Travel Initiative
Saudi Arabian Airlines, and SABB Takaful, are to become partners in a significant Shariah-compliant travel initiative which will be made available to the airline’s domestic and international passengers.
Saudia Vice President Customer Services, Mr. Yousef Attiah, and SABB Takaful Managing Director, David Hunt, have signed a Memorandum of Understanding which will lead to Saudi Airlines piloting sales of Shariah-compliant Travel Takaful plans through Saudia’s market-leading internet platform.
Travellers on Saudi Arabian Airlines will be offered a wide-ranging SABB Takaful product that covers emergency medical evacuation, hospitalization allowance, personal liability against third parties, trip cancellation and extensive further benefits.
Commenting on the agreement, Saudia’s Mr.Yousef Attiah said: “This is an important step forward in Saudi Arabian Airlines’ plans to expand and diversify its range of services to our passengers. We had recognised the need to offer Shariah-compliant travel Takaful services
Mr Hunt said: “We are extremely pleased to sign this agreement with Saudia .It’s a major player in the aviation industry, not only in Saudi Arabia and the Middle East, but also internationally with strong growth aspirations. This is a significant move for SABB Takaful which will confirm both our organizations as market leaders in travel services in the region."
Saudi Arabian Airlines is the national airline of Saudi Arabia, based in Jeddah. It operates domestic and international scheduled flights to extensive destinations in the Middle East and world wide.
SABB Takaful is a Saudi joint stock company incorporated in the Kingdom of Saudi Arabia and an associate company of SABB and the HSBC Group. It was one of the first Takaful companies to be listed on the Tadawul, Saudi Arabia’s stock market.
02 February 2008
End Year Results Announcement
SABB Takaful Company reported a loss of SAR 44.6 million (SAR 4.46 per share) for the period from 15 May 2007 until 31 December 2007.
This loss is made up of SAR 34.3 million of pre-operating expenses including IPO costs and SAR 10.3 million of operating losses.
The losses are in line with our expectations given the delays in launching the company. Moreover, trading performance for the first quarter of 2008 is in line with expectation.
These results are not the financial year results as the first financial year ends 31 December 2008
30 April 2008
SABB Takaful Company, one of the newly licensed insurance companies, signed a Memorandum of Understanding (MOU) with Amlak International, one of the leading real estate development and finance provider for retail and corporate sectors.
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 TakafulandMr. Abdullah Al-Howaish, Managing Director of AmlakInternational.
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 AmlakInternationalsaid ''This agreement will enable us to introduce and recommend to our customers valuable Shariahcompliant Takafulplansoffered by a leading provider of Takafulproductsand services'' “AmlakInternationalis 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-Howaishadded.
AmlakInternational 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.
8 April 2008
The Board of Directors of SABB Takaful Company have resolved that with effect from 30 July 2007, Dr Yazid Abdulrahman Al Ohaly be appointed as Chairman of the Board of SABB Takaful Company in succession to and as replacement for Dr Abdulrahman Ahmad Al-Jaffary.
5 August 2007