calendar Wednesday, 14 April 2021 clock
  • qbook

DOHA: Masraf Al Rayan has received shareholders’ approval  to increase the size of the sukuk issuance programme from its current $2 billion to a maximum of $4 billion at the virtual Ordinary General Assembly meeting.

The approval to increase the size of sukuk to $4 billion is based on the recommendation of the board of directors where the total issuances should not exceed 100 per cent of the bank’s capital and reserves.

  • qshow
  • Qbook

The assembly discussed and approved the proposals of the board of directors regarding appropriations and cash dividend of QR0.17 per share, representing 17 of the paid-up capital for 2020.

The assembly also resolved that any further increase in the overall programme limit beyond $4 billion shall be subject to the prior approval of the general assembly and the relevant regulatory authorities if required.

The Ordinary General Assembly also approved to appointment of Deloitte & Touche to audit Masraf Al Rayan and its subsidiaries inside Qatar for 2021 and approved their
total fees.

“In case the merger between Masraf Al Rayan and Al Khaliji Bank is not approved, the total audit cost will be QR2.11 million and in case the merger between Masraf Al Rayan and Al Khaliji Bank is approved, the total cost will be QR2.99 million,” the bank said.

Exceptional year

Masraf Al Rayan Chairman and Managing Director Ali bin Ahmed Al Kuwari said: “The year 2020 was an exceptional year in which the world and the global markets have faced unprecedented events. However, Masraf Al Rayan managed to overcome all the difficulties and achieved a net profit of QR2.175 billion in 2020.”

He added: “This underlines the strong performance of the bank that succeeded in reserving its seat among the pioneers in a short period of time. The bank’s total assets during the year reached QR121.115 billion compared to QR106.397 billion in 2019, a growth 13.8 per cent.”

Customer deposits increased to QR68.918 billion while shareholders total equity amounted to QR14.365 billion prior to dividends compared to QR13.919 billion in 2019 with an increase of 3.2 per cent.

“During 2020, we have strongly maintained financial indicator ratios as the rate of return on average assets maintained its advanced position at 1.91 per cent, the return on average shareholders’ equity reached 15.38 per cent, while EPS maintained its value at QR0.29,” he said.

Al Kuwari said: “In addition, capital adequacy ratio, using Basel-III standards, reached 20.31 per cent at the end of 2020, and the operational efficiency ratio (cost to income ratio) stood at 21.58 per cent and remained at the forefront among banks at the local and regional levels.”