Masraf Al Rayan, one of the leading Islamic banks in Qatar, has reported a net profit of QR821mn in the first half of this year, an increase of 13.2% compared to QR725mn for the same period last year.

Dr Hussain Ali al-Abdulla, chairman and managing director of Masraf Al Rayan, said the impressive results demonstrated the success of the bank in achieving its set objectives. “The results reinforce the prudent policies of Masraf Al Rayan which has helped in positioning the bank at the forefront of Islamic banking at the local and regional levels. The results also emphasise Masraf Al Rayan’s risk-free strategy in its operations and its commercial and investment decisions within the provisions of Islamic Shariah.”

Adel Mustafawi, group CEO, said the results were in line with the forecast and strategic plans of the bank, and a consequence of unmatched efforts by everyone associated with the bank at various levels.

Total assets reached QR64.27bn compared to QR60.53bn as of June 30, 2012, an increase of 6.2%. Financing activities were at QR44.175bn compared to QR37.982bn in the same period last year, a growth of 16.3%. Customer deposits rose to QR46.445bn compared to QR33.36bn at the end of the first half of 2012, recording an increase of 39.2%.

Total shareholders’ equity went up to reach QR9.67bn compared to QR8.853bn at the end of the first half of last year, a growth of 9.3%. Earnings per share (EPS) reached QR1.09 compared to QR0.97, while the book value per share rose to QR12.90, compared to QR11.80. Capital adequacy ratio reached 20.8%.

During the first half of this year, Masraf Al Rayan reinforced its expansion strategy aimed at offering more accessible services to its customers. The bank currently operates 11 branches and 50 ATMs at strategic locations across Qatar.

The bank is soon to introduce Al Rayan Mobile for convenient and hassle-free banking through smart phones, according to statement.

Mustafawi reaffirmed Masraf Al Rayan’s commitment towards the community and said the bank would continue to strive hard to achieve the best results for shareholders and provide innovative services as well as high levels of banking services to customers.

Masraf Al Rayan has reinforced its expansion strategy aimed at offering more accessible services to its customers. The bank currently operates 11 branches and 50 ATMs at strategic locations across Qatar.