Saudi-based fintech savings platform Hakbah has entered into a partnership with Tawunniya Insurance to provide its customers with life insurance coverage during their Jameya time. Through this strategic collaboration, Hakbah and Tawunniya Insurance intend to augment financial savings in Saudi Arabia by equipping the former’s customers with life insurance coverage during their Jameya time.

In addition, the alliance aims to address a substantial gap in the market, offering users increased security and convenience. As part of the new offering, Hakbah’s customers are set to be able to mitigate concerns regarding unexpected future events and increase their savings. Some of the potential benefits provided by Hakbah and Tawunniya Insurance include extensive insurance coverage, such as Death of Any Cause (DAC) and Passive War Risk (PWR), and optimised financial security. Moreover, the current announcement aligns with Saudi Vision 2030, with Hakbah and Tawunniya assisting the government’s commitment to increasing savings rates and fostering financial inclusion.

The partnership also falls in line with Hakbah’s strategy to enter strategic collaborations with industry participants and deliver advanced services at an affordable cost. Hakbah and Tawunniya Insurance’s in Saudi Arabia’s financial sector When commenting on the announcement, representatives from Hakbah underlined that the partnership works towards enabling customers to benefit from financial security via life insurance coverage. In addition, the two companies plan to support individuals and drive positive economic change in Saudi Arabia.

Hakbah aims to continue to explore the capabilities of its work with Tawuniya Insurance to assist users and release the extensive potential of financial savings. At the same time, Tawunniya intends to expand its reach to additional regions and cater to the needs, demands, and requirements of a broader customer base. Aso, Hakbah’s approach centres around effectively eliminating the savings difficulties prevalent in the Middle East, with the company aiming to contribute to the region’s Financial Sector Development Program goals. .