The Ordinary General Assembly of Masraf Al Rayan approves items of the agenda, and distribution of dividends of 17%.

Mar 01 2021

Masraf Al Rayan successfully held today evening its Ordinary General Assembly meeting as Virtual meeting by ZOOM.

The Ordinary General Assembly of Masraf Al Rayan approved the items of the agenda and issued the following resolutions.

Decisions of
The Ordinary General Assembly Meeting of Masraf Al Rayan
Virtual meeting by ZOOM
Monday, 1st March 2021 at 5:30 PM

The Board of Directors report on the activities of Masraf Al Rayan, its financial position for the fiscal year ended on 31st December 2020, and the future plans of the Bank for the year 2021 were presented to the Ordinary General Assembly and approved.
Shari’ah Supervisory Board report about the compliance of Masraf Al Rayan in regards to Shari’ah rules for fiscal year ended on 31st December 2020 was presented to the Ordinary General Assembly.
The Ordinary General Assembly discussed and approved the external auditors report on the Financial Statements of Masraf Al Rayan as presented by the Board of Directors for the fiscal year ended on 31st December 2020.
The Ordinary General Assembly discussed and approved the Financial Statements preseneted by the Board of Masraf Al Rayan for the fiscal year ended on 31st December 2020.
The Ordinary General Assembly discussed and approved the proposals of the Board of Directors regarding appropriations and cash dividend of QR. 0.170 per share, representing 17% of the paid-up capital for the fiscal year ended on 31st December 2020. The General Assembly also acknowledged the Profits Distribution Policy.
The Ordinary General Assembly discussed and approved the Corporate Governance Report of Masraf Al Rayan for the year ended on 31st December 2020.
The General Assembly heard the report of the independent external auditors, Deloitte & Touche, regarding the level of Compliance of Masraf Al Rayan with the Article 24 of the Governance Code for Companies and Legal Entities Listed on the Main Market issued by Qatar Financial Markets Authority Board pursuant to Decision Number (5) of 2016, especially in relation to its compliance with the Articles of Association of Masraf Al Rayan and related regulations and instructions, as well as the extent to which Masraf Al Rayan applies best international standards in preparation of its financial reports and its adherence to the financial standards issues by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and applicable Qatar Central Bank instructions.
The Ordinary General Assembly discussed and approved absolving the Chairman and Members of the Board of Directors from all responsibilities for the fiscal year ended on 31st December 2020, specifying their remuneration and allowances for the year ended on 31st December 2020 at a total amount of QR15,588,737.00. The General Assembly also approved the new guide of rules for the compensation and the remuneration of the Board of Directors.
The General Assembly agreed to increase the size of Masraf Al Rayan Sukuk issuance program from its current size of US$ 2billion to a maximum size of US$4 billion. This is based on the Board of Directors recommendation to the General Assembly and the Central Bank of Qatar letter dated February 14, 2021, which approves increasing the size of the Sukuk issuance program (to a maximum size of US$4 billion), where the total issuances should not exceed 100% of the bank's capital and reserves. The General Assembly also authorized the Board of Directors and whomever the Board authorizes or has previously authorized in this regard to take all necessary actions to follow up on the implementation and determining the final size of the Sukuk issuance Program (subject to the aforementioned maximum limit of US$ 4 billion), to update the Base Prospectus and all relevant transaction documents from time to time to reflect the increase in the Program limit as and when required, to approve any issuance of Certificates under the Program provided that the requisite approval of the relevant regulatory authorities shall be obtained, to take any actions required to list the Certificates on any stock exchange, and to enter into such transaction document as required for the issuance of Certificates under the Program from time to time, all upon the terms and subject to the conditions as the Board of Directors and whomever the Board authorizes or has previously authorized in this regard, may deem fit. The General Assembly also resolved that any further increase in the overall Program limit beyond US$ 4 billion shall be subject to the prior approval of the General Assembly and the relevant regulatory authorities, if required.”
The Ordinary General Assembly approved to appoint “Deloitte & Touche" to audit Masraf Al Rayan and its Subsidiaries (inside Qatar) for fiscal year ending on 31st December 2021 and approved their total fees according to the following options:
- In case the merger between Masraf Al Rayan and Al Khaliji Bank is not approved: The total cost will be QR. 2,110,000.
- In case the merger between Masraf Al Rayan and Al Khaliji Bank is approved: The total cost will be QR. 2,990,000.