Alrayan Bank Shareholders Meeting Endorses Agenda Items

Doha, Qatar: Al Rayan Bank successfully held the Annual General Meeting and the Extraordinary General Meeting (“EGM”) of Shareholders yesterday.

At the AGM, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2024 that reflect a net profit after Tax of QR1507m.

Chairman of the Board, H E Sheikh Mohamed bin Hamad bin Qassim Al Thani, presented the Board of Directors' report on the Bank's activities and financial position for the year ended 31 December 2024 and plans.

Commenting on the 2024 activities, His Excellency said:“2024 was a pivotal year for AlRayan Bank, as we witnessed the launch of the Bank's transformational journey towards a new era in Islamic banking. We started the year 2024 by developing a new and comprehensive strategy that aims at transforming the Bank into a leading model in modern and distinctive services. The Bank's investment in digitalization using the latest technologies in the banking sector confirms our belief that digital innovation is the key to providing distinguished services. We fully realize that staying ahead requires a vision that goes beyond the present and looks to the future. Transformation is a long journey, and we are determined to succeed. We aspire to raise AlRayan Bank to the highest levels and to establish it as a model to be emulated in the world of Islamic banking, combining authenticity and modernity, serving its customers with excellence, and providing the best possible and sustainable returns to shareholders.”

During the meeting, AlRayan Bank's 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 2024 as presented to the meeting and approved the Board's proposal to distribute a cash dividend equal to 10% of the share nominal value i.e. QAR 0.10 per share for the financial year ended 31 December 2024 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 2024 Corporate Governance Report including the remuneration policy of the Board and Senior Management. They approved the appointment of Price Waterhouse Coopers as external auditors for the fiscal year 2025 for the third year in a row. Board annual remuneration was agreed and the members absolved from liability as at end 2024.

At the EGM, the shareholders approved the proposed amendments to articles (1), (3), (20) and (67) of the Articles of Association of the Bank (“AoA”) to grant the Board the discretionary power to distribute interim dividends in accordance with the applicable laws and regulations and in compliance with QFMA Circular No (7) of 2023 on Interim Dividends, to change the legal name of the Bank from“Masraf Al Rayan” to“AlRayan Bank” and to increase the qualification shares required for directorship to 9 million shares per each eligible Board candidate provided that the latter amendment enters into effect starting from the next Board elections. The shareholders authorized the Chairman of the Board, Vice Chairman, and/or other Board delegate to complete the necessary formalities in respect of the amended AoA subject to necessary regulatory approvals.

The AGM and EGM were held at the Ritz Carlton Hotel Doha, and were attended by the Bank's shareholders, regulators, Board members, management and staff, and other investors and analysts.

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