Saudi retailer United Electronics Company (SASE:4003) is planning an initial public offering of its Islamic consumer finance business, United Company for Financial Services (Tasheel Finance), two sources familiar with the matter told Reuters. United Electronics, known as eXtra, has appointed HSBC to arrange the public share sale, said the sources, who declined to be named as the matter is not public. United Electronics did not respond to a request for comment.

HSBC declined to comment.