Riyadh - Sharikat Mubasher: Jarir Marketing Company obtained the preliminary approval from the Saudi Central Bank (SAMA) to establish Rifd Integrated Company, which will conduct micro-consumer finance activity.

Rifd Integrated Company will be established with a capital of SAR 50 million, according to a bourse filing by Jarir yesterday.

In December, Jarir Marketing Company signed a non-binding memorandum of understanding (MoU) with Aman Non-Bank Financial Services and Electronic Payments Company (Aman Egypt) and Hamad Bin Abdullah bin Sulaiman Al Manea & Partners Company to establish a consumer finance company with an initial capital of SAR 100 million.

Under the agreement, Jarir Marketing Company will hold a 49% stake in the new venture; Aman Egypt will hold 41%; and Hamad bin Abdullah bin Suleiman Al-Manea & Partners Company will hold the remaining 10%.