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Saudi fintech savings platform Hakbah has partnered with national insurance firm Tawuniya to bolster financial savings.

The firms will offer Hakbah customers comprehensive life insurance coverage during their Jameya time. It will provide security and peace of mind to customers, as well as giving them added savings.

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Benefits include:

  • Extensive insurance coverage: From Death of Any Cause (DAC) to Passive War Risk (PWR), the insurance package offers comprehensive protection for Hakbah members;
  • Enhanced financial security: By eliminating concerns related to unexpected future events, Hakbah customers can focus on saving without worry, and
  • Alignment with Saudi Vision 2030: The partnership supports the government’s goal of increasing savings rates and promoting financial inclusion.

Furthermore, the alliance matches Hakbah’s strategy to forge alliances and strategic partnerships with industry leaders to deliver better services at an affordable cost.

Naif AbuSaida, founder of Hakbah, said: “We are thrilled to partner with Tawuniya to provide our customers with unparalleled financial security through life insurance coverage for all Hakbah’s members during the Jameya duration.

“This partnership aligns perfectly with our mission to empower individuals and drive positive economic change in Saudi Arabia. Hakbah prides itself on its unyielding commitment to savings, driven by cutting-edge savings-engine technology. We look forward to exploring more collaboration with Tawuniya to benefit our customers and unleash the full potential of increased financial savings.”

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Mohammed Bin Salma, senior executive director for Life Sector of Tawuniya, added: “The new partnership with Hakbah builds on Tawuniya’s commitment to promoting a culture of financial savings in the Kingdom, especially among the youth segment that constitutes the majority of the country’s population.

“Tawuniya, renowned for its commitment to excellence, will expand its reach to new horizons and cater to a broader customer base. By offering insured products, Tawuniya empowers individuals across every segment to embrace a positive savings culture.”