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Extra unit to provide consumer finance services in Saudi Arabia

Extra unit to provide consumer finance services in Saudi Arabia
Tas’heel Finance appointed Shariyah Review Bureau (SRB) as its Sharia advisor
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Riyadh – Mubasher: United Electronics Company (Extra) revealed that its wholly-owned consumer finance unit, United Company For Financial Services (Tas’heel Finance), has received the approval of the Saudi Arabian Monetary Authority (SAMA) to provide consumer finance services in the Kingdom.

Tas’heel Finance uncovered Shariyah Review Bureau (SRB) as its Sharia advisor, helping the company to provide sharia-compliant products, Extra said in a recent statement.

“Today, Extra is on its way to opening a consumer financing arm so as to provide holistic solutions to customers to enrich their lives and fulfil their aspirations by providing a variety of tailor-made Sharia-compliant financing options,” Mohammed Galal, managing director and CEO of Extra, said.

SRB will allow Tas’heel Finance to include advanced Sharia compliance products and increase the ongoing supervision and Sharia compliance assurance for its customers.

“They have been serving nearly 37% of the Financing companies in the Kingdom of Saudi Arabia, and this has helped them acquire immense knowledge and experience in the financing domain,” Muzaffer Hamid, CEO of Tas’heel Finance, commented on conjoining SRB.

It is worth noting that SRB has provided its services to financing institutions, family businesses, and investment firms with trusted Sharia advice ranging from product structuring to real-estate funds, equity deals, structured investments, insurance, and financing transactions.

“Tas’heel Finance is seeking to create a niche for itself by building a customer-centric approach to lending and offering digital solutions to its customers. With Sharia certified products they now have the opportunity to enable their customers and the community at large to grow and realise their dreams,” Yasser S. Dahlawi, founder and CEO of SRB, concluded.

Earlier in May, Extra announced that its affiliated unit, Tas’heel Finance, has obtained SAMA’s approval to provide consumer finance services across the kingdom.

The company noted that the relevant financial impact of the licence will be released in the financials of the second quarter of 2019.