Saudi Arabia’s United Electronics Co (eXtra) said its fully-owned subsidiary, United Company for Financial Services (Tas’heel), on Wednesday obtained a license from the Saudi Central Bank (SAMA) to begin credit cards finance activity.

In a bourse filing, eXtra said the approval comes in line with the company’s strategy to offer a complete set of solutions in Sharia-compliant consumer finance to reach to a wider customer base in the non-banking financing sector.

Any financial impact is expected to show after the activity commences in H2 2021, it added.

Tas’heel launched its Sharia-complaint consumer finance operations in the Kingdom during Q2 2019 after receiving the final approval from SAMA.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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