Saudi bookstore chain Jarir Marketing Company is expanding its business interests beyond retail with a move into teh financial sector. The company has received preliminary approval from the Saudi Central Bank (SAMA) to establish a new micro-consumer finance company,Refad Integrated,capitalized at 50 million riyals. this development, announced this week, marks a meaningful diversification for Jarir Marketing and reflects growing opportunities in Saudi Arabia‘s financial services market.
A branch of Jarir Bookstore.
Saudi Arabia’s Jarir Marketing Company has received preliminary approval from the Saudi Central Bank (SAMA) to establish a micro-consumer finance company, Refad Integrated, with a capital of 50 million riyals. This move signals a potential expansion of financial services offered by the bookstore chain.
The company Jarir Marketing announced the approval in a statement, noting that Refad Integrated is the company resulting from a previously signed non-binding memorandum of understanding with Aman Egypt, and Hamad bin Abdullah bin Suleiman Al-Munie and Partners (a Saudi closed joint-stock company).
Jarir Marketing stated that it is currently working to complete the regulatory procedures for establishing Refad Integrated. The preliminary approval from SAMA does not guarantee a license or permission to engage in financing activities.
According to data from أرقام, Jarir Marketing signed a non-binding memorandum of understanding in December 2024 with Aman Financial Services, a non-banking financial and electronic payments company based in Egypt, to establish a consumer finance company.
Jarir Marketing’s stake in the new venture will be 49%, while Aman Egypt will hold 41% and Hamad bin Abdullah bin Suleiman Al-Munie and Partners will own 10%.
