|13 October, 2019

eXtra's subsidiary receives Saudi regulator's nod to provide credit card service

Approval will enable eXtra to extend its presence in the kingdom's retail sector

Image used for illustrative purpose. A salesman registers a credit card for a customer at a shop in Peshawar, Pakistan April 1, 2019. REUTERS/Fayaz Aziz

Image used for illustrative purpose. A salesman registers a credit card for a customer at a shop in Peshawar, Pakistan April 1, 2019. REUTERS/Fayaz Aziz

United Electronics Company’s (eXtra) fully-owned subsidiary has obtained a preliminary approval from Saudi Arabian Monetary Authority (SAMA) to provide credit card financing service.

United Company for Financial Services, the subsidiary, submitted a request to SAMA in May this year to obtain a license for launching credit card services in Saudi Arabia.

A final license to start providing credit card financing service is subject to completion of all regulatory and technical procedures, a statement on Saudi stock exchange (Tadawul) said.

EXtra said that the approval will enable the company to extend its presence in the kingdom’s retail sector.

Meanwhile, its subsidiary United Company for Financial Services started Shariah-compliant consumer finance operations in the second quarter this year.

(Writing by Nada Al Rifai; Editing by Mily Chakrabarty)      

(nada.rifai@refinitiv.com)                

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