eXtra’s unit licensed to provide consumer finance services

07/05/2019 Argaam

 

United Electronics Co.’s (eXtra) wholly-owned consumer finance unit was licensed by the Saudi Arabian Monetary Authority (SAMA) to provide consumer finance services in the Kingdom.

 

The relevant financial impact will reflect on Q2 2019 earnings, the company said in a bourse filing.

 

In November, eXtra said it obtained SAMA’s preliminary approval to establish a “sharia compliant” closed joint stock consumer finance company regulated by the Finance Companies Control Law and its Implementing Regulations.

 

The new company is a fully owned subsidiary by eXtra having a capital of Saudi 150 million.

 

eXtra is the leading consumer electronics retailers in the Kingdom providing a wide variety of Services including installment sales.

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