ncb signs agreement to launch ipo for alahli takaful company

Published May 16th, 2007 - 09:36 GMT

The National Commercial Bank (NCB), one of the leading financial institutions in the Middle East, today signed an agreement to launch the IPO (Initial Public Offering) of the AlAhli Takaful Company (ATC), a Saudi joint stock company specializing in providing Shariah compliant Takaful insurance products and services.

The signatories to the agreement were: Khalid Allagany, General Manager of ATC (Alahli Takaful Company), and on behalf of NCB Hassan Al Jabri, Managing Director& Board member, NCB - Capital and Rafi Halabi, Regional Manager, Cash Management Sales.

The share capital will be SR 100,000,000 consisting of 10,000,000 shares with a nominal value of SR 10 each share. NCB holds 30 percent of the shares, other investors hold a total of 43.55 percent, and the remaining 26.45 percent, constitute the IPO.

"Our mission is to create a world class Saudi Takaful Company based on Islamic values and principles, combining NCB's local knowledge and cultural understanding of the Kingdom and its peoples with the technical expertise of our partners," said Khalid Allagany. "Our objective is to be the leading provider of Shariah compliant protection solutions that fulfil the needs of our customers and the expectations of our shareholders."

The AlAhli Takaful Company has been established in accordance with the Council of Ministers resolution number [262] dated 20/11/1427H corresponding to [11/12/2006],  as sanctioned by the Royal Decreee number [M/70] dated 22/11/1427H corresponding to [13/12/2006] licensing ATC to sell insurance related products in the Kingdom of Saudi Arabia.

With their participation, this is one step closer for NCB to become a fully fledged financial services group.

Founded 50+ years ago, the National Commercial Bank was the first Saudi-owned bank to be established in the Kingdom. Today, NCB is the largest bank in the Middle East and has a heritage of trust which has been won by meeting customer expectations with a comprehensive range of innovative products and superior services, developed on the basis of an indigenous understanding of the unique cultural and social traditions of Saudi Arabia.

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