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History:
The National Commercial Bank, a leading regional financial institution based in Saudi Arabia, together with global leading insurance and technical specialists FWU AG, VHV, and the International Financial Corporation (IFC) a member of the World Bank Group; in addition to a number of prominent local investors, have established "ALAHLI TAKAFUL COMPANY” (ATC), a company specializing in the offering of Takaful insurance products and services in the Kingdom.
About ATC:
ALAHLI TAKAFUL COMPANY (ATC) is a Saudi joint stock company owned 30% by the National Commercial Bank, 13.125% by FWU AG, 13.125% by IFC and 7.5% by VHV, in addition to 9.8% owned by local Saudi investors and the remaining of 26.45% is owned by the Public.
The share capital of the company is (SR 100,000,000) One Hundred Million Saudi Riyals consisting of shares with a nominal value of (SR 10) Ten Riyals each.
ATC was 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 Decree 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 and to the terms & conditions of the Co-operative Insurance Law.
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