Coface and Al Rajhi Takaful enter a strategic partnership in credit insurance

10 June 2022 Coface

Coface, a global leader in trade credit insurance and adjacent specialty services, and Al Rajhi Takaful, one of the largest financial institutions and insurance company in the Kingdom of Saudi Arabia, have entered into a strategic partnership to distribute credit insurance solutions and help Saudi Companies boost their growth in their domestic and export markets.

This partnership recognizes Coface’s global expertise as a credit insurer as well as its 75 years of experience and its extensive network in 100 countries. It allows Al Rajhi Takaful to strengthen its position on the Saudi market by further enriching its suite of insurance solutions. Saudi companies will have access to new innovative products & services, allowing them to develop their trade efficiently by preventing and managing non-payment risks. The agreement also allows Coface to expand its footprint, providing its global clients with tailor-made solutions for their subsidiaries across Saudi Arabia.

«We are extremely proud of this new partnership with Al Rajhi Takaful”, said Hassen Bennour, CEO for Middle East & Southern Africa Coface. “Strengthening our presence in the Saudi market with a local market leader is a significant milestone in the expansion of Coface in the region. We will be able to effectively support a new pool of clients, protecting them against the risks of non-payment on their domestic and export markets.

"This agreement fits in with our distribution strategy. Our approach is to work with our partners and clients to gain a real understanding of their commercial strategy, the associated risks, and propose a range of services adapted to their specific needs. Together with Al Rajhi Takaful, Coface is looking forward to ensure new clients a sustainable development,” commented, Cécile Paillard, CEO of Coface in the Mediterranean & Africa region.

We are pleased with this strategic partnership with Coface, which confirms our mission to deliver protection for our clients through reliable, affordable and innovative solutions, in order to achieve our vision of reinventing insurance for Saudi Arabia. We also seek, through this partnership, to expand our insurance base, diversify risks, and provide innovative solutions in the insurance sector in Saudi Arabia”, says Mr. Mahmood Dahduli, CEO of Al Rajhi Takaful.

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