Aljazira Takaful Taawuni and Solidarity Saudi Takaful Obtain Approval from SAMA for Merger

Saudi Arabian Takaful operators Aljazira Takaful Taawuni (ATT) and Solidarity Saudi Takaful (Solidarity) have obtained the approval of the Saudi Central Bank (SAMA) for their impending merger deal, according to local media reports. The approval was granted on the 30th of November 2020, according to separate bourse filings by the Takaful operators on the 1st of December 2020.

Both ATT and Solidarity will continue to finalise other necessary regulatory approvals to complete the merger, which will be followed by the issuance of the merger circular and the offer document to be approved by shareholders of both Takaful operators, according to the statement. The merger deal is subject to the approval of the extraordinary gener...