Riyadh – Mubasher: United Company for Financial Services, a fully owned subsidiary of United Electronics Company (eXtra), has obtained a license from the Saudi Central Bank (SAMA) to begin credit card finance activity.

eXtra said the financial impact of this regulatory nod is expected to reflect on the financial results of the second half (H2) of 2021, according to a bourse filing on Wednesday.

Tasheel is a Shariaa-compliant consumer finance company that started operations during the second quarter (Q2) of 2019.

The subsidiary has generated profits within 12 months of commencing its operations, and its consumer finance portfolio stood at SAR 862 million by the end of Q1-21. Tasheel has logged a net profit of SAR 20 million in the first three months of 2021.

The unit had obtained SAMA’s preliminary approval in 2019 to provide credit cards finance activity.