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29 January 2020

Saudi CMA fines SABB Takaful for late disclosure

Under market rules and regulations, listed companies must immediately and without delay disclose such events to the market authority and the general public

The insurance firm is 65 per cent owned by the Saudi British Bank/Bloomberg

by Kudakwashe Muzoriwa

The Capital Market Authority board has imposed a fine of SAR 40,000 on SABB Takaful due to its violation of paragraph (5) of Article (63) of the rules on the offer of securities and continuing obligations.

The regulator stated that the Takaful company did not disclose the resignation of its board member Ian Keith Moore, who left the firm on 15 November 2019, until 21 November 2019.

The insurance firm, which is 65 per cent owned by the Saudi British Bank, offers a wide range of Shari’ah-compliant family and general products to both individual and corporate customers.

RELATED STORIES: Capital Market Authority SABB Takaful Ian Keith Moore




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