Doha, August16 2009: Moody’s Investors Services awarded Masraf Al Rayan (MAR) the rating of A3 long-term and Prime-2 short-term ratings for local and foreign currency issuers. Simultaneously the agency affirmed Al Rayan’s general outlook is stable. MAR is the first Shari’ah compliant bank in the State of Qatar to receive Moody’s ratings.

MAR, a relatively small financial institution with USD4.6 billion of assets at 31 December 2008,  holds about  5% of market share in domestic banking assets and over 25% of the country’s Shari’ah-compliant banking assets.

MAR was incorporated in January 2006 with paid up of US 1.1bn increased to US1.113bn as in June 2009. Since its inception, the Bank expanded its operations into 5 branches around Doha.

According to Moody’s Investment Services, a highly respected agency known for its transparency and rating criteria, the ratings awarded to Al Rayan reflect MAR’s low risk profile sustained by the quality of its investment portfolio and a strong partnership with public sector. MAR ratings are also supported by Qatar strong national economy given that 33% of MAR’s shares are presently owned by Qatari public corporations and agencies.

“We are proud of MAR as one of the most successful Shari’ah-compliant banks in the region. The highly credible rating awarded to our bank is attributable to the Bank’s well planned financial policy and prudent risk management. Our impeccable investment portfolio and strong well-balanced credit policy undoubtedly added to MAR’s success and strong reputation�, Dr. Hussain Al Abdulla, Chairman of the Board and Managing Director of Masraf Al Rayan, said.

“MAR look forward to upgrade its new ratings by growing its assets base and diversifying its sources of income, mainly in retail banking. The Bank will expand its branch network, develop and offer more innovative Shari’ah compliant products and financial solutions to meet the banking and investment requirements of our clients in the region� Dr. Al Abdulla, added.