| Element List | Explanation |
|---|---|
| Introduction | Further to the Announcement of United Electronics Company (eXtra) that United Company for Financial Services – Tasheel (a fully owned subsidiary) has obtained the Saudi Central Bank preliminary approval to commence Credit Cards Finance Activity regulated under the Finance Companies Control Law and its Implementing Regulations. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2019-10-13 Corresponding to 1441-02-14 |
| URL of the Previous Announcement | Click Here |
| Change on the Development | United Electronics Company – eXtra Announces that United Company for Financial Services – TAS`HEEL has obtained on 25 May 2021 a license from Saudi Central Bank to commence Credit Cards Finance Activity regulated under the Finance Companies Control Law and its Implementing Regulations |
| Financial Impact on the change | The financial impact will be after commencing the operation of credit card financing activity which is expected to impact the financial results of the second half of fiscal year 2021. |
| Additional Information | United Company for Financial Services – TAS`HEEL, a fully owned subsidiary by eXtra started its Shariaa Complaint consumer finance operations in the kingdom through Q2-2019 after securing central bank final Approval. It is worth noting that TAS`HEEL turned into profits after 12 months of commencing its operations, and its consumer finance portfolio stood at SR 862 by end of Q1-2021, achieving net profits of SR 20m for Q1-2021. |
The Approval comes to complete the company’s strategy to offer a complete set solution in the Shariaa Complaint consumer finance Arena, to strengthen its reach to a wider customer base in the non-banking financing Sector.
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