Masraf Al Rayan (Al Rayan) QPSC announces the successful completion of their merger with Al Khalij Commercial Bank (al khaliji) PQSC. Effective this week, the two banks are now considered one legal entity bearing the Masraf Al Rayan name.
While the legal merger is complete in Qatar, the combined entity is focusing on the operational integration of the two banks into one seamless platform. Integration activities will consolidate the best of both institutions to provide an enhanced product and service proposition. Customers should continue to bank as normal under Islamic Shari’ah principles. The integration of products and services is expected to be completed in 2022. The new board and leadership team is in place and will oversee the process. Customers, counterparts and stakeholders will be advised in a phased manner on how the merger may impact them.
Masraf Al Rayan
With over QAR182 billion in total assets, Masraf Al Rayan will be one of the largest Shari’ah-compliant banks in the region. With a robust capital position and strong liquidity, the bank is in a prime position to accelerate the country’s journey towards Qatar National Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base.
The merger is a turning point in Qatar’s banking sector, enabling growth for corporates facilitating landmark deals, fostering SME development and lending and supporting prosperity for private clients to manage and grow their wealth and for retail customers to reach their potential. The group has international operations in France, the United Kingdom and the UAE.
According to Masraf Al Rayan Chairman HE Sheikh Mohammed bin Hamad bin Qassim AlAbdulla Al-Thani, the completion of the landmark transaction signals a new era in banking excellence in Qatar.
As one of the largest Shari’ah-compliant banks in Qatar and the region, we are committed to supporting the State of Qatar’s economic growth and ambitions. Our bank will help drive the growth of the domestic banking sector and economy in line with Qatar National Vision 2030.
Al Rayan Vice-Chairman HE Sheikh Hamad bin Faisal bin Thani Al-Thani stated that with the successful completion of the merger, they are proceeding with integration in order to maximise benefits and increase capacity and improve efficiency.
We will leverage the bank’s strength and capital base to provide our customers with competitive services and a superior banking experience under the new Masraf Al Rayan brand.
Masraf Al Rayan Group CEO Fahad Bin Abdullah Al Khalifa said that this is a historic achievement for al khaliji, Masraf Al Rayan and the State of Qatar. He said that the merger marks the continuation of the next phase in their journey to spearhead the future of banking and commit to creating value for the nation and its people.
Al Khalifa extended his thanks to their regulators, shareholders, staff, and all stakeholders who supported and helped them deliver on their goal of creating an Islamic banking powerhouse. He said that their increased balance sheet and capital will allow them to better support customers and deliver greater shareholder value.
Masraf Al Rayan’s capital increases from QAR7.5 billion to QAR9.3 billion. al khaliji shareholders receive 0.5 ordinary shares in Masraf Al Rayan as consideration for every ordinary share held. Trading in Masraf Al Rayan shares continues with the increased capital. al khaliji shares have been de-listed from the Qatar Stock Exchange (QSE).
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