Masraf Al Rayan posts QR1.71bn net profit in 2021
January 27 2022 11:14 PM
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Masraf Al Rayan Tower. The bank’s board of directors has recommended to the annual general assembly
Masraf Al Rayan Tower. The bank’s board of directors has recommended to the annual general assembly the distribution of a cash dividend of QR0.17 per share, which translates into 17% of the nominal share value.

The bank’s board of directors has recommended to the annual general assembly the distribution of a cash dividend of QR0.17 per share, which translates into 17% of the nominal share value
 
 
Masraf Al Rayan has posted a net profit of QR1.71bn in 2021.
The bank’s financing assets reached QR121bn in 2021, an increase of 40.2% from 2020.
Deposits closed at QR107bn in 2021, an increase of 55.2% compared to 2020, Masraf Al Rayan announced yesterday.
Total assets increased by 43.7% to QR174bn and total income exceeded QR5.1bn in 2021.
Shareholders equity strengthened by 63.4% to QR23.5bn last year. The capital adequacy ratio at year-end (2021) stood at a “healthy” 20.95%.
The bank’s board of directors has recommended to the annual general assembly the distribution of a cash dividend of QR0.17 per share, which translates into 17% of the nominal share value.
Masraf Al Rayan Chairman HE Sheikh Mohamed bin Hamad bin Qassim al-Thani stated, “2021 was a momentous year for Masraf Al Rayan. We announced our merger with Al Khalij Commercial Bank in January 2021 and completed it in December, creating one of the leading Shariah-compliant lenders in the region with a robust capital position and strong liquidity.
“The year continued with the challenges of the Covid-19 pandemic. Businesses and individuals required skilful navigation through these volatile times. 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.
“On behalf of the Board of Directors, I would like to express appreciation to the Qatar Central Bank, the Qatar Financial Markets Authority, the Ministry of Finance, the Ministry of Commerce and Industry and all other stakeholders for their continued support during 2021, and also extend our gratitude to shareholders, our valued customers, and the MAR executive team and employees for their continued dedication and commitment.”
On the year’s performance, Masraf Al Rayan Group chief executive officer Fahad bin Abdulla al-Khalifa said, “Despite the many challenges presented by the Covid-19 pandemic, the Masraf team performed exceptionally to support our valued clients and deliver a solid financial performance. Our customers are at the heart of everything we do and we realise the importance of ensuring meaningful support during difficult times, as long-term relationships are to the benefit of all parties.
“I am excited for the future of the bank following its merger with Al Khaliji in late 2021. While our immediate focus is on the operational integration of both banks into one seamless platform, our medium-term plans are ambitious. The transformation journey will focus on enhancing our customer experience through service excellence, speed and technology. 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.
“Environmental and social responsibility is very important to the bank and we recognise our obligations to make a positive impact on the local community. We will support, develop and promote local talent to continue the future success of the bank and their valued contribution to broader society. The bank will also prioritise sustainable green financing in line with our commitment to the global community.
“As a leading Islamic financial institution Masraf Al Rayan enjoys strong relationships with government and government-related entities (GREs), for which we are most grateful. Our larger merged bank aims to support the build-out and development of the country in line with the ambitions of QNV 2030.”
 
 



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