Merger between Walaa and SABB Takaful

The proposed merger between Walaa Cooperative Insurance and SABB Takaful has been approved by the shareholders of both companies.

The two entities signed a memorandum of understanding in February 2022 for a possible merger.

Upon completion of the transaction, SABB Takaful's assets, liabilities and rights will be transferred to Walaa.

Walaa has also received the approval of its shareholders to increase its share capital to 851 million SAR (226.617 million USD), 24% of which will be held by SABB Takaful shareholders.