Further to the announcement of the Saudi Arabian Monetary Authority (SAMA) dated 12/01/1439H corresponding to 02/10/2017, which included the prohibition of SABB Takkaful Insurance company from issuing or renewing any insurance policy as of Thursday 13/01/1439H corresponding to 03/10/2017.

SAMA announced its decision to allow SABB Takkaful Insurance Company to accept new subscribers and allow issuing and renewing insurance policies as of Thursday 27 /06/1439H corresponding to 15/03/2018. Thus, after the company addressed all the observations provided by SAMA at the time of suspension and confirmed its commitment to deal with only authorized personnel and to apply the criteria of know your customers and include the price of the policy including all paid commissions, in addition to address weaknesses of internal control within the company. Noting that the company confirmed its commitment to continue addressing implementing corrective actions.

SAMA calls upon all insureds and beneficiaries to adhere to their rights and review the company in this regard. If there is no response from the company, SAMA encourages filing a complaint at the Consumer Protection Department on www.samacares.sa or the Toll Free number 8001256666.