eXtra’s subsidiary gets SAMA’s preliminary nod to launch credit card service

United Electronics Co.’s (eXtra) fully owned subsidiary United Company for Financial Services obtained on Oct. 10 the Saudi Arabian Monetary Authority’s (SAMA) preliminary approval to launch a new credit cards financing service, it said in a bourse statement.

This is a preliminary approval and the final license is pending the completion of all regulatory and technical procedures, the statement added.

The Shariaa compliant finance services firm began operations in Q2 2019, after obtaining SAMA’s approval.

The license allows the company to extend its reach to a wider customer base across retail sector, in addition to providing a wide range of Islamic consumer finance solutions, the statement also stated.