Masraf Al Rayan, which is in the midst of merging Al Khaliji with itself to create a leading Shariah-compliant regional lender, on Monday received shareholders' nod for doubling its sukuk issue size to $4bn.
An approval was on Monday accorded at the annual general assembly, which was held virtually and presided over by HE Ali bin Ahmed al-Kuwari, the bank’s chairman and managing director.
The general assembly agreed to increase the size of sukuk issuance programme from its current size of $2bn, provided that the total issuances should not exceed 100% of the bank's capital and reserves.
The meeting also approved the board's proposal regarding appropriation and cash dividend of QR0.170 per share, representing 17% of the paid-up capital for the fiscal year 2020.
"Masraf Al Rayan managed to overcome all the difficulties and achieved a net profit by the end of 2020 that amounted to QR2.18bn, the fact which underlines the strong performance of the Bank that succeeded in reserving its seat among the pioneers in a short period of time," al-Kuwari said.
The bank's capital adequacy ratio, using Basel-III standards, reached 20.31% at the end of 2020, and the operational efficiency ratio (cost-to-income ratio) stood at 21.58% and remained at the forefront among banks at the local and regional levels, according to its board of directors' report.
In June 2020, Masraf Al Rayan had announced a potential merger with Al Khaliji bank and thereafter, in January this year, it announced the merger agreement under which the latter’s business will be absorbed into Masraf Al Rayan’s business, and Masraf Al Rayan will be the remaining legal entity which will continue to operate in accordance with Shariah principles.
The move will lead to the formation of a larger and stronger bank with a strong financial position and high liquidity with a variety of banking activities, customer portfolios, distinctive products, and a stronger base for financing development initiatives in line with the Qatar National Vision 2030, according to the board of Masraf Al Rayan.
During 2020, the bank had "strongly" maintained financial indicator ratios as the rate of return on average assets maintained its advanced position at 1.91%, the return on average shareholders’ equity reached 15.38%, while the earning per share maintained its value at QR0.29.
Group CEO Adel Mustafawi said the bank performed among the best within Qatar’s banking sector by creating one of the highest value for its shareholders during this period.
"Now that there are some hopeful signs emerging that a vaccine for the virus has been discovered, we need to re-energize our business strategy, as the global economy will soon start to recover from the ravages of the pandemic crisis," he said, stressing that key strategic objectives will remain the same, as they are all-encompassing goals.
"Our key strategic goals will remain to strengthen the bank’s retail and private banking, investment banking and corporate banking franchise, while also seek growth opportunities and diversify income stream, deliver sustainable and profitable growth with focus on asset quality and diversification of funding mix," he added.
An approval was on Monday accorded at the annual general assembly, which was held virtually and presided over by HE Ali bin Ahmed al-Kuwari, the bank’s chairman and managing director.
The general assembly agreed to increase the size of sukuk issuance programme from its current size of $2bn, provided that the total issuances should not exceed 100% of the bank's capital and reserves.
The meeting also approved the board's proposal regarding appropriation and cash dividend of QR0.170 per share, representing 17% of the paid-up capital for the fiscal year 2020.
"Masraf Al Rayan managed to overcome all the difficulties and achieved a net profit by the end of 2020 that amounted to QR2.18bn, the fact which underlines the strong performance of the Bank that succeeded in reserving its seat among the pioneers in a short period of time," al-Kuwari said.
The bank's capital adequacy ratio, using Basel-III standards, reached 20.31% at the end of 2020, and the operational efficiency ratio (cost-to-income ratio) stood at 21.58% and remained at the forefront among banks at the local and regional levels, according to its board of directors' report.
In June 2020, Masraf Al Rayan had announced a potential merger with Al Khaliji bank and thereafter, in January this year, it announced the merger agreement under which the latter’s business will be absorbed into Masraf Al Rayan’s business, and Masraf Al Rayan will be the remaining legal entity which will continue to operate in accordance with Shariah principles.
The move will lead to the formation of a larger and stronger bank with a strong financial position and high liquidity with a variety of banking activities, customer portfolios, distinctive products, and a stronger base for financing development initiatives in line with the Qatar National Vision 2030, according to the board of Masraf Al Rayan.
During 2020, the bank had "strongly" maintained financial indicator ratios as the rate of return on average assets maintained its advanced position at 1.91%, the return on average shareholders’ equity reached 15.38%, while the earning per share maintained its value at QR0.29.
Group CEO Adel Mustafawi said the bank performed among the best within Qatar’s banking sector by creating one of the highest value for its shareholders during this period.
"Now that there are some hopeful signs emerging that a vaccine for the virus has been discovered, we need to re-energize our business strategy, as the global economy will soon start to recover from the ravages of the pandemic crisis," he said, stressing that key strategic objectives will remain the same, as they are all-encompassing goals.
"Our key strategic goals will remain to strengthen the bank’s retail and private banking, investment banking and corporate banking franchise, while also seek growth opportunities and diversify income stream, deliver sustainable and profitable growth with focus on asset quality and diversification of funding mix," he added.
