Masraf Al Rayan sets out ambitious medium-term growth plan

Masraf Al Rayan, which recently merged Al Khaliji with it, has set an ambitious medium-term plan to strengthen its digitisation drive through greater investments in technology as part of efforts to better serve its clients' overseas banking requirements."While our immediate focus is on the operational integration of both banks into one seamless platform, our medium-term plans are ambitious," Masraf Al Rayan group chief executive Fahad bin Abdulla al-Khalifa said in the 2021 annual report, which was distributed to shareholders at the annual general assembly meeting.During the meeting, shareholders reviewed and endorsed the respective reports of the Shariah supervisory board and the external auditors on the bank’s accounts as well as considered and endorsed the financial statements for 2021.They approved the board’s proposal to distribute a cash dividend equal to 17% of the share nominal value of QR0.17 per share for 2021, including the appropriation of the remaining profits as proposed in the audited financial statements.Highlighting that the transformation journey will focus on enhancing its customer experience through service excellence, speed and technology; he said: "We are determined to increase the pace at which we digitise Masraf Al Rayan through greater investments in technology."By adopting a ‘High Tech-High Touch’ approach, the bank will utilise technology to enable speed and growth and become the market leader in this arena; in parallel, it would enrich client services, through appropriate segmentation, via its dedicated teams of private, premium and corporate relationship managers, according to him."These measures will strengthen the links between our local and international footprint in the UAE, France and the UK to better serve our client’s overseas banking requirements," he said.2021 marked a major milestone for Qatar’s banking industry as Masraf Al Rayan successfully completed its legal merger with Al Khaliji. The merger is a turning point in Qatar’s banking sector, enabling growth for corporates facilitating landmark deals, fostering small and medium enterprises development, and lending and supporting prosperity of private clients to manage and grow their wealth and for retail customers to reach their potential.HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, chairman, said Masraf Al Rayan as an Islamic bank holding a "significant" market share ensured its customers were well-supported to navigate through these challenging times."Masraf Al Rayan as a larger entity, with a strong management team and diversified business model is well positioned to contribute to Qatar’s growth and realisation of Qatar’s Vision 2030 milestones," he said.As for the future plans, he said environmental, social and governance will be an increasingly important consideration for the bank and "we are mindful of our responsibilities in this regard.""Masraf Al Rayan is committed to making a positive contribution to society, minimising our environmental impact and encouraging sustainable green financing," he said.