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Tribune News Network
Doha
Masraf Al Rayan held the Annual General Meeting (AGM) and the Extraordinary General Meeting (EGM) of Shareholders on Wednesday. At the AGM, the shareholders endorsed the financial statements for the fiscal year of 2021 that reflect a net profit after tax of QR1,713 million.
Masraf Al Rayan Chairman HE Sheikh Mohamed bin Hamad bin Qassim Al Thani presented the board of directors’ report on the bank’s activities and financial position for 2021 and its plans.
Commenting on the 2021 activities, Sheikh Mohamed said, “The year 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 Shari’ah-compliant lenders in the region with a robust capital position and strong liquidity. 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 realization of Qatar’s Vision 2030 milestones.”
During the meeting, MAR shareholders reviewed and endorsed the respective reports of the Sharia Supervisory Board and the External Auditors on the Bank’s accounts. They considered and endorsed the financial statements for the fiscal year ended 31 December 2021 as presented to the meeting and approved the board’s proposal to distribute a cash dividend equal to 17 percent of the share nominal value of QR0.17 per share for 2021, including the appropriation of the remaining profits as proposed in the audited financial statements.
Furthermore, the shareholders reviewed and endorsed the external auditor’s report on the requirements of Article (24) of the Corporate Governance Code of Companies and Legal Entities Listed on the Primary Market issued by Qatar Financial Markets Authority concerning the bank’s compliance with the Corporate Governance regulations and Internal Control over Financial Reporting.
They also discussed and endorsed the 2021 Corporate Governance Report, including the remuneration policy of the Board and Senior Management. They approved the appointment of Deloitte and Touch as external auditors for the fiscal year 2022. Board annual remuneration was agreed and the members were absolved from liability as at end of 2021.
At the EGM, the shareholders approved the proposed amendments to the Articles of Association of the Company (AoA) mainly to comply with the requirements of the Law amending certain provisions of the Companies Law of 2015 and complying with certain corporate governance requirements by Qatar Central Bank and Qatar Financial Markets Authority.
The shareholders authorised the chairman of the board, vice chairman, and/or other board delegates to complete the necessary formalities in respect of the amended AoA subject to necessary regulatory approvals.
Shareholders also authorised the board to dispose of the fractional shares resulting from the merger with Al Khalij Commercial Bank (al khaliji) as it may deem appropriate.
Sheikh Mohamed praised Qatar’s leadership, QCB and all regulators for continuous support to the Qatari economy and institutions.
Doha
Masraf Al Rayan held the Annual General Meeting (AGM) and the Extraordinary General Meeting (EGM) of Shareholders on Wednesday. At the AGM, the shareholders endorsed the financial statements for the fiscal year of 2021 that reflect a net profit after tax of QR1,713 million.
Masraf Al Rayan Chairman HE Sheikh Mohamed bin Hamad bin Qassim Al Thani presented the board of directors’ report on the bank’s activities and financial position for 2021 and its plans.
Commenting on the 2021 activities, Sheikh Mohamed said, “The year 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 Shari’ah-compliant lenders in the region with a robust capital position and strong liquidity. 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 realization of Qatar’s Vision 2030 milestones.”
During the meeting, MAR shareholders reviewed and endorsed the respective reports of the Sharia Supervisory Board and the External Auditors on the Bank’s accounts. They considered and endorsed the financial statements for the fiscal year ended 31 December 2021 as presented to the meeting and approved the board’s proposal to distribute a cash dividend equal to 17 percent of the share nominal value of QR0.17 per share for 2021, including the appropriation of the remaining profits as proposed in the audited financial statements.
Furthermore, the shareholders reviewed and endorsed the external auditor’s report on the requirements of Article (24) of the Corporate Governance Code of Companies and Legal Entities Listed on the Primary Market issued by Qatar Financial Markets Authority concerning the bank’s compliance with the Corporate Governance regulations and Internal Control over Financial Reporting.
They also discussed and endorsed the 2021 Corporate Governance Report, including the remuneration policy of the Board and Senior Management. They approved the appointment of Deloitte and Touch as external auditors for the fiscal year 2022. Board annual remuneration was agreed and the members were absolved from liability as at end of 2021.
At the EGM, the shareholders approved the proposed amendments to the Articles of Association of the Company (AoA) mainly to comply with the requirements of the Law amending certain provisions of the Companies Law of 2015 and complying with certain corporate governance requirements by Qatar Central Bank and Qatar Financial Markets Authority.
The shareholders authorised the chairman of the board, vice chairman, and/or other board delegates to complete the necessary formalities in respect of the amended AoA subject to necessary regulatory approvals.
Shareholders also authorised the board to dispose of the fractional shares resulting from the merger with Al Khalij Commercial Bank (al khaliji) as it may deem appropriate.
Sheikh Mohamed praised Qatar’s leadership, QCB and all regulators for continuous support to the Qatari economy and institutions.
