- SAMA announces the issuance of an initial approval to establish Rifd Integrated Company to support micro consumer finance services in the Kingdom.
- Jarir Marketing Company, the founding shareholder and majority owner of Rifd Integrated , confirms it is proceeding with the completion of regulatory requirements.
- Ownership of Rifd Integrated Company is distributed as follows: 49% held by Jarir Marketing, 41% by Egypt’s Aman Holding, and 10% by Hamad Bin Abdullah bin Sulaiman Al Manea & Partners Co.
The Saudi Central Bank (SAMA) has issued an initial approval for the establishment of Rifd Integrated Company, a company specialized in micro consumer finance services and affiliated with Jarir Marketing Company.
Rifd ’s current paid-in capital stands at approximately SAR 50 million, equivalent to USD 13.33 million.
Jarir Marketing holds a controlling 49% stake in Rifd , while Aman Holding of Egypt owns 41%, and Hamad Bin Abdullah bin Sulaiman Al Manea & Partners Co, a closed Saudi joint-stock company, holds the remaining 10%.
Jarir stated that it is currently working on completing the regulatory procedures required to establish Rifd , emphasizing that the initial approval granted by SAMA does not constitute a final license or authorization to commence operations.
Over the past two years, Jarir announced the signing of a memorandum of understanding with Aman Holding for Microfinance, an Egyptian company specializing in digital financial services, as well as Hamad Bin Abdullah bin Sulaiman Al Manea & Partners Co, with the aim of establishing a consumer finance company to offer the same services and activities within the Kingdom of Saudi Arabia.
