Qatar PR Network, Online Press Release from qatar and Doha city
Business, Banking and Investments(Banking & Investments)
Filter PR by
Masraf Al Rayan and Al Khaliji Complete Merger
Masraf Al Rayan and Al Khaliji Complete Merger
• First merger of publicly listed banks in Qatar, creating one of the largest Shari’ah compliant banks in the region with over QAR182 billion in total assets
• With a robust capital position, and strong liquidity, the bank is in a prime position to accelerate Qatar’s journey towards Vision 2030
• Operating as Masraf Al Rayan with its head office in Lusail City, Qatar
• Customers will continue to be served as normal as products and services are integrated during 2022
Doha, December 04,  2021: Masraf Al Rayan (“Al Rayan”) Q.P.S.C. announces the successful completion of the legal merger (the “Merger”) with Al Khalij Commercial Bank (al khaliji) P.Q.S.C. Effective today, the two banks are considered one legal entity bearing the Masraf Al Rayan name (MARK) (ISIN: QA000A0M8VM3).
While the legal merger is complete in Qatar, the combined entity is focusing on operational integration of the two banks into one seamless platform.  Integration activities will consolidate the best of both institutions to provide an enhanced product and service proposition. Customers should continue to bank as normal under Islamic Shari’ah principles. 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. Customers, counterparts, and stakeholders will be advised in a phased manner on how the merger may impact them.
With over QAR182 billion in total assets, Masraf Al Rayan will be one of the largest Shari’ah compliant banks in the region. 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 SME development and lending and supporting prosperity for our private clients to manage and grow 
their wealth and for our retail customers to reach their potential. The group has international operations in France, the United Kingdom and the UAE. 
H.E Sheikh Mohammed bin Hamad bin Qassim AlAbdulla Al-Thani, Chairman of Masraf Al Rayan, commented: “The completion of this landmark transaction signals a new era in banking excellence in Qatar, and we would like to thank all those who contributed to this milestone, including our regulators, shareholders and employees. As one of the largest Shari’ah compliant banks in Qatar and the region, we are committed to supporting the State of Qatar’s economic growth and ambitions. Our bank will help drive the growth of the domestic banking sector and economy in line with Qatar National Vision 2030, as well as becoming a strategic partner for the public sector.”
H.E Sheikh Hamad bin Faisal bin Thani Al-Thani, Vice-Chairman of Al Rayan, stated: “With the successful completion of the merger, we are proceeding with integration in order to maximize 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.”
Mr. Fahad Bin Abdullah Al Khalifa, Group CEO of Masraf Al Rayan, said: “This is an historic achievement for al khaliji, Masraf Al Rayan and the State of Qatar. Today marks the continuation of the next phase in our journey as Masraf Al Rayan, a leading Shari’ah compliant bank ready to spearhead the future of banking and committed to creating value for the nation and its people. Our customers remain our priority, and we look forward to ensuring a smooth transition as we accelerate our integration process. We would like to thank our regulators, shareholders, staff and all stakeholders involved for their support in helping us deliver on our goal of creating an Islamic banking powerhouse for our customers and our people. Our increased balance sheet and capital means we can better support our customers and deliver greater shareholder value.” 
Masraf Al Rayan’s capital increases from QAR 7.5 billion to QAR 9.3 billion, and al khaliji shareholders receive 0.5 ordinary shares in Masraf Al Rayan as consideration for every ordinary share held. Trading in Masraf Al Rayan shares continues with the increased capital. al khaliji shares have been de-listed from the Qatar Stock Exchange (QSE). 

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 6277 times
PR Category : Banking & Investments
Posted on : Saturday, December 4, 2021  11:53:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Promofix Strengthens Regional Foothold with Qatar Office Ope...
Next Story : MEEZA Reveals the Launch of its 4th M-VAULT 4 Data Center Bu...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Big Crown Pointer Date Calibre 403 [7389-Views]
Pandora and World-Renowned Author, Nadia Owusu, Release a Collection of Festive Stories to Celebrate... [6923-Views]
ASTRONEF is a New mechanical Masterpiece Presented by Ateliers Louis Moinet [6713-Views]
The Art of Ceramic [6492-Views]
LG Honored With 24 Awards for Innovation Ahead of CES 2022 [6168-Views]
Mouawad Launches Festive Season Campaign Featuring the Mouawad Timeless Collection [6055-Views]
The Trendiest Eyewear Gifts This Festive Season [6003-Views]
Records to Bounce, Flip and Soar for Guinness World Records Day 2021 [5979-Views]
A Sparkling Statement for Every Loved One from Pandora [5683-Views]
Follow Your Own Style Direction: Star Wars™ x Pandora [5582-Views]
Oris Celebrates the Festive Season with Rectangular Classic [5354-Views]
New Ninjamas Nighttime Bedwetting Underwear Helps Kids To Conquer The Night [5049-Views]
Bedecked with Opulence, Encrusted with Elegance and Glazed with Sophistication [3786-Views]
Pat McGrath Labs Inspiration. Innovation. Obsession. [3401-Views]
Oris- The Right Angle [2613-Views]
Qatar National Day CH Carolina Herrera [2030-Views]
Qatar Airways Renews Sponsorship with Qatar Football Association for Two More Seasons [1879-Views]
Mondrian Doha Sparkles this Festive Season with Unique Celebrations and Special Offers [1795-Views]
Aspire Academy Global Summit on Sports Performance Returns with Top Stars and Experts from Football... [1507-Views]
First Technology Event in 2022 in Dubai Opens with a Resounding Success [1479-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories