Thursday , May 6 2021

"Extras" received Sama approval to establish a company to be involved in consumer financing activities with a capital of 150 million SR

The United Electronics Company (eXtra) announced on Tuesday 20 November 2018 preliminary approval from the Saudi Arabian Monetary Agency (SAMA) to establish a new joint-stock company to conduct consumer financing activities in the Kingdom in accordance with the Financial Company Control Law and Executive Regulations and provision sharia compliant consumer financing products.

The company said that the initial agreement given to the company was the final license to practice financing activities only after the completion of all procedures for the establishment of the company in accordance with the company system in the Ministry of Trade and Investment, in addition to taking all the companies needed to start activities such as providing human cadres and systems and equipment to obtain a license To be involved in sharia compliant consumer financing activities. The Company will terminate the merger procedure within six months from the date of the agreement.

On July 26, 2018, United Electronics Company submitted a request to the Saudi Arabian Monetary Agency (SAMA) to obtain a license to establish a new finance company in the Kingdom of Saudi Arabia to operate a sharia compliant consumer finance business in the Kingdom with a total capital of 150 million SR by United Electronics Company. )

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