Riyadh – Mubasher: United Electronics Company (eXtra) said that its subsidiary, United Company for Financial Services, has obtained the Saudi Arabian Monetary Authority’s (SAMA) approval to provide consumer finance services in the kingdom.

The relevant financial impact of this licence will be realised in the financials of the second quarter of 2019, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

EXtra will provide a wide variety of services including instalment sales.

In November 2018, eXtra obtained SAMA’s preliminary approval to establish a ‘sharia-compliant’ closed joint stock consumer finance company.

The capital of the newly established company, which is a fully owned subsidiary by eXtra, amounts to SAR 150 million.