Masraf Al Rayan held the Annual General Meeting on Wednesday. At the AGM, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2023 that reflect a net profit after tax of QR1.34bn.
HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, Masraf Al Rayan chairman presented the Board of Directors’ report on the Bank’s activities and financial position for the year that ended on December 31, 2022 and future plans.
Commenting on the 2022 activities, Sheikh Mohamed said,
“2022 was a turning point for MAR subsequent to the merger. We successfully completed the operational integration which helps to drive agility across the business and improve our service offering to our valued clients.
“We have also launched Sustainable Finance Framework – Qatar’s first Shariah-compliant green deposit and Islamic sustainable financing framework. Moreover, we have increased our Foreign Ownership Limit (FOL) to 100%, which will assist to boost the bank’s weight in major indices.”
On future plans, he added, “We intend to fully embrace all the tenets of Environmental, Social, and Governance (ESG), recognising that its associated opportunities and risks are becoming increasing important to financial institutions and the industry at large. MAR is fully committed to making a positive contribution to society, minimising its environmental impact in line with Qatar’s national climate change action plan aspirations, and to facilitating and promoting sustainable green financing.
“We will take our rightful role in leading Qatar’s banking sector in the digital economy era embracing all technology advancements to bring to market the very best of Fintech products for customer convenience and service excellence. We will also continue our efforts to develop Qatar’s human resource potential and contribute to creating a knowledge-based economy to ensure our national talents are empowered to be tomorrow’s successful industry leaders, role models and responsible and committed citizens.
“We will simultaneously nurture our close, and expanding, relationships and have our eyes firmly focused on attaining the status of being the Islamic bank of choice to support Qatar’s national vision ambitions.”
During the meeting, MAR shareholders reviewed and endorsed the respective reports of the Sharia Supervisory Board and the external auditors on the bank’s accounts for the fiscal year 2022.
They considered and endorsed the financial statements for the fiscal year 2022 as presented to the meeting and approved the Board’s proposal to distribute a cash dividend equal to 10% of the share nominal value ie QR0.10 per share for the financial year that ended in December 2022 including the appropriation of the remaining profits as proposed in the audited financial statements.
The AGM also selected the new Board of Directors for the new term 2023-2024-2025 as follows: HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, appointed by Qatar Investment Authority/Qatar Holding, Sheikh Hamad bin Faisal bin Thani al-Thani, appointed by Qatar Investment Authority/Qatar Holding, Turki al-Khater, appointed by General Authority for Retirement and Social Insurance, Nasser Jaralla al-Marri, appointed by Qatar Armed Forces Portfolio/Barzan Holding, Abdulla Nasser al-Misnad, Independent member, Mohamed al-Saadi, Independent member, Abdulla Hamad al-Misnad, Independent member, Abdulrahman al-Khayareen, Mohamed Jaber al-Suleiti, Sheikh Ali bin Jassim al-Thani, Sheikh Nasser bin Hamad al-Thani and Abdulla al-Malki.
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