Masraf Al Rayan has completed the legal merger of Al Khaliji, effective Wednesday, creating one of the largest Shariah-compliant lenders in the region with more than QR182bn in total assets.
The two banks are considered one legal entity bearing the name Masraf Al Rayan with its head office in Lusail City.
Masraf Al Rayan’s capital has increased from QR7.5bn to QR9.3bn, and Al Khaliji shareholders receive 0.5 ordinary shares in Masraf Al Rayan as consideration for every ordinary share held.
The trading in Masraf Al Rayan shares continues with the increased capital, while Al Khaliji stands delisted from the Qatar Stock Exchange, effective today.
With a robust capital position, and strong liquidity, the bank is in a prime position to accelerate Qatar’s journey towards Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base.
The merger is a "turning point" in Qatar’s banking sector, enabling growth for corporates facilitating landmark deals, fostering small and medium enterprises (SME) development and lending and supporting prosperity for its private clients to manage and grow their wealth and for the retail customers to reach their potential. The group has international operations in France, the UK and the UAE.
The integration of products and services is expected to be completed during 2022. The new board and leadership team is in place and will oversee the process.
“The completion of this landmark transaction signals a new era in banking excellence in Qatar...As one of the largest Shariah-compliant banks in Qatar and the region, we are committed to supporting Qatar’s economic growth and ambitions," said Sheikh Mohamed bin Hamad bin Qassim al-Abdullah al-Thani, chairman of Masraf Al Rayan.
Sheikh Hamad bin Faisal bin Thani al-Thani, vice-chairman of Masraf Al Rayan said with the successful completion of the merger, it is proceeding with integration in order to maximise benefits and increase capacity and improve efficiency.
"We will leverage the bank’s strength and capital base to provide our customers with competitive services and a superior banking experience under the new Masraf Al Rayan brand,” he said.
Fahad bin Abdullah al-Khalifa, Group chief executive of Masraf Al Rayan, said the merger marks the continuation of the next phase in its journey.
"Our customers remain our priority, and we look forward to ensuring a smooth transition as we accelerate our integration process...Our increased balance sheet and capital means we can better support our customers and deliver greater shareholder value,” according to him.
Masraf Al Rayan’s capital has increased from QR7.5bn to QR9.3bn, and Al Khaliji shareholders receive 0.5 ordinary shares in Masraf Al Rayan as consideration for every ordinary share held.
The trading in Masraf Al Rayan shares continues with the increased capital, while Al Khaliji stands delisted from the Qatar Stock Exchange, effective today.
With a robust capital position, and strong liquidity, the bank is in a prime position to accelerate Qatar’s journey towards Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base.
The merger is a "turning point" in Qatar’s banking sector, enabling growth for corporates facilitating landmark deals, fostering small and medium enterprises (SME) development and lending and supporting prosperity for its private clients to manage and grow their wealth and for the retail customers to reach their potential. The group has international operations in France, the UK and the UAE.
The integration of products and services is expected to be completed during 2022. The new board and leadership team is in place and will oversee the process.
“The completion of this landmark transaction signals a new era in banking excellence in Qatar...As one of the largest Shariah-compliant banks in Qatar and the region, we are committed to supporting Qatar’s economic growth and ambitions," said Sheikh Mohamed bin Hamad bin Qassim al-Abdullah al-Thani, chairman of Masraf Al Rayan.
Sheikh Hamad bin Faisal bin Thani al-Thani, vice-chairman of Masraf Al Rayan said with the successful completion of the merger, it is proceeding with integration in order to maximise benefits and increase capacity and improve efficiency.
"We will leverage the bank’s strength and capital base to provide our customers with competitive services and a superior banking experience under the new Masraf Al Rayan brand,” he said.
Fahad bin Abdullah al-Khalifa, Group chief executive of Masraf Al Rayan, said the merger marks the continuation of the next phase in its journey.
"Our customers remain our priority, and we look forward to ensuring a smooth transition as we accelerate our integration process...Our increased balance sheet and capital means we can better support our customers and deliver greater shareholder value,” according to him.
