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The Ordinary General Assembly of Masraf Al Rayan approves items of the agenda, distribution of dividends of 22.5% and elects a new Board for the period ( 2020-2022)

Mar 18 2020

Masraf Al Rayan successfully held today evening its Ordinary General Assembly meeting in Al Majlis Ballroom at Doha Sheraton Hotel.
The Ordinary General Assembly of Masraf Al Rayan approved the items of the agenda and issued the attached resolutions.

Resolutions of the Ordinary General Assembly Meeting of Masraf Al Rayan Al Majlis Ballroom, Doha Sheraton Hotel Wednesday, 18th March 2020 at 6:30 PM

  • The Board of Directors report on the activities of Masraf Al Rayan, its financial position for the fiscal year ended on 31st December 2019, and the future plans of the Bank for the year 2020 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 2019 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 2019.
  • The Ordinary General Assembly discussed and approved the Financial Statements presneted by the Board of Masraf Al Rayan for the fiscal year ended on 31st December 2019.
  • The Ordinary General Assembly discussed and approved the proposals of the Board of Directors regarding appropriations and cash dividend of QR. 0.225 per share, representing 22.5% of the paid-up capital for the fiscal year year ended on 31st December 2019.
  • The Ordinary General Assembly discussed and approved the Corporate Governance Report of Masraf Al Rayan for the year ended on 31st December 2019.
  • 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 approval of the Board of Director’s recommendations concerning the appointment of the Shari’a Supervisory Board of Masraf Al Rayan for the coming 3 years 2020- 2022 and delegatd the power to the Board of Directors to add a new Member / Members or to fill any vacancy in the Shari’a Supervisory Board and to specify their remunerations and any other issues related to the Shari’a Supervisory Board during the period mentioned.
  • 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 2019, specifiying their remuneration for the year ended on 31st December 2019 at a total amount of QAR 14,300,000. The General Assembly also approved the new guide of rules for the compensation and the remuneration of the Board of Directors.
  • The Ordinary General Assembly approved to appoint “Deloitte & Touche" to audit Masraf Al Rayan and its Subsidiaries (excluding Al Rayan–UK) for fiscal year ending on 31st December 2020 and approved their total fees of QAR 1,595,000.
  • The Ordinary General Assembly approved the guiding rules for the nomination and election of the Board Members and approved the Related Party Transaction Policy.
  • The Ordinary General Assembly Elected 7 members to be Board Members occupying 7 seats of the Board of Directors for the next 3 years term (from 2020 to 2022), which includes 4 seats for Non-Independent Members and 3 seats for Independent Members. The candidates received the following votes, their names have been arranged in the following list according to number of votes from the largest number of votes down to the least, for each of the 2 categories (independent and non-independent):

    Non-Independent Seats

    Serial Name Number of Votes
    1 Ministry of Defence, Qatar Armed Forcess Represented by Mr. Nasser Jaralla S. Jaralla Al Marri 698,628,772
    2 Sheikh Nasser Bin Hamad Bin Nasser Al Thani 663,109,702
    3 Sheikh Ali Bin Jassim M. J. Al-Thani 650,033,145
    4 Mr. Abdulla Ahmed Al Malki Al Jahni 438,459,874
    5 Taskeen Business & Investments” Company, Represented by Sheikh Khalifa Bin Thani Bin Abdulla Al Thani 391,488,024
    6 Mr. Abdulla Ahmed Taher 10,054,560
    7 Dr. Menahi Khalid M. A. Al Hajri 23,992


    Independent Seats

    Serial Name Number of Votes
    1 Mr. Abdulrahman Mohammed Al Khayareen 566,268,559
    2 Mr. Mohammed Ibrahim Al Abdulla 144,444,278
    3 Mr. Tami Ahmad Ali Al Binali 117,610,254
    4 Mr. Mohamed Ali Khamis Al Hasan Al Muhannadi 5,402,189
    5 Mr. Essa Khalid Muselmani 23,992
    Total 833,749,272
    Grand Total 3,685,547,341

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