United Electronics Company (eXtra) announces that United Company for Financial Services (a fully owned subsidiary) has obtained the Saudi Arabian Monetary Authority preliminary approval to provide Credit Cards Finance Activity regulated under the Finance Companies Control Law and its Implementing Regulations.
| Element List | Announcement Detail |
| Explanation | United Electronics Company (eXtra) announces that United Company for Financial Services (a fully owned subsidiary) on 10th of October, 2019 has obtained the Saudi Arabian Monetary Authority preliminary approval to provide Credit Cards Finance Activity as regulated under the Finance Companies Control Law and its Implementing Regulations.
This Preliminary approval does not constitute a final license to commence providing credit cards financing services, and is subject to completion of all regulatory & technical procedures required to provide Credit Cards Financing services with the concerned parties, and notifying the Saudi Arabian Monetary Authority upon completion.
It is worth noting that on the 30th of May 2019, United Company for Financial Services submitted a request to Saudi Arabian Monetary Authority, seeking a license to provide Credit Cards financing in the Kingdom of Saudi Arabia.
Further announcements shall be made to explain the financial impact once the Final License is secured from The Saudi Arabian Monetary Authority.
United Company for Financial Services, a fully owned subsidiary by eXtra, commenced its )Shariaa Compliant( consumer finance Operations during Q2 2019 after securing SAMA's approval.
This approval will enable the Company to extend its reach to a wider customer base across retail sector, in addition to providing a wide range of (Shariaa Compliant) consumer finance solutions through its financing arm. |
Comments