Barwa Bank has almost finished legal and financial studies regarding its merger with Masraf Al Rayyan and International Bank of Qatar (IBQ) and will refer the recommendations to the bank’s board to take the final decision, Barwa Bank Group chief executive officer Khalid al-Subeai said during a ceremony of launching its new Al Majd banking initiative.
Al-Subeai added that any development in this regard will be announced through a joint statement by the three banks following the legal and regulatory procedures in the country.
The ceremony was held in the presence of HE the Qatar Central Bank (QCB) governor Sheikh Abdullah bin Saud al-Thani, HE the QCB deputy governor Sheikh Fahad bin Faisal al-Thani, and Barwa Bank Group chairman and managing partner HE Sheikh Mohammed bin Hamad bin Jassim al-Thani.
“On this special occasion, we at Barwa Bank Group would like to highlight the strategic role of the banking sector in the State of Qatar in maintaining the stability of the national economy and its positive performance, in spite of all regional and global challenges,” HE Sheikh Mohammed bin Hamad bin Jassim al-Thani said.
“Barwa Banks Al Majd campaign celebrates the honourable values that Qatar has been founded on; the same values that shaped our culture and heritage, and propelled our nation to the front ranks of progress and prosperity,” he added.
Through the Al Majd initiative, Barwa Bank offers its new and current clients an exceptional banking package with feature-rich services and unique privileges, within the framework of various ongoing national initiatives, throughout the year, in line with its vision of providing products and services that meet the aspirations of the Qatari society in all its segments.
On the sidelines of the ceremony, Barwa Bank also announced the launch of its exceptional Shariah-compliant savings account that offers high flexibility and profit rates, and presents new and existing clients the unique opportunity to grow their investment at an expected 3% annual rate, where profits are paid on a quarterly basis.
The account allows clients to withdraw once every quarter up to 25% of the current balance.
Top officials and dignitaries attending the ceremony of launching Barwa Bank’s new Al Majd banking initiative on Tuesday.