Masraf Al Rayan’s total assets reached QR79.53bn in September compared with QR77.83bn in the last-year period

Pursuing a “prudent strategy and a flexible business model” Masraf Al Rayan has posted a nine-month net profit of QR1.51bn, up 6.14% on the same period last year.
The bank’s total assets reached QR79.53bn in September compared with QR77.83bn in the same period last year. Customer deposits totalled QR52.75bn compared with QR59.98bn in the same period last year.
Financing activities increased to QR59.98bn in September compared with QR54.92bn in the same period last year. Investments decreased to QR13.64bn, a decline of 8.98%, the leading Islamic bank said in a release.
Shareholders equity reached QR11.54bn as on September 30 compared with QR10.84bn in the same period last year. The bank’s return on assets was one of the highest at 2.54% within the local financial market.
Return on shareholders’ equity reached 17.49% compared with 17.54% the previous-year period. Earnings per share (EPS) reached QR2.019 compared with QR1.90 last year.
Capital adequacy ratio reached 17.91% using Basel-III standards in the period under review compared with 17.79% in September last year.
Non-performing loans (NPL) ratio of 0.08% again continues to be one of the lowest regionally and globally, reflecting a “very strong and prudent credit risk management policies and procedures,” Masraf Al Rayan said.
Commenting on the financial performance, Masraf Al Rayan chairman and managing director Dr Hussain al-Abdulla said, “The satisfactory results are derived from our continued efforts to build on our prudent strategy and flexible business model set to yield value for our shareholders and customers alike.”
Masraf Al Rayan Group chief executive officer Adel Mustafawi attributed the strong performance to the “successful roll out of a series of solid plans and initiatives supported by pioneering products and services to meet the needs of our customers.”
He said, “Our customer focused business model enables us to overcome the impact of different business challenges, which Masraf Al Rayan faces on day to day basis.”
Mustafawi said the published consolidated financial statements included Masraf Al Rayan along with the group subsidiaries and affiliates, including the financial statements of Al Rayan Bank.
Masraf Al Rayan stands at the forefront of Shariah- complainant banks locally and globally in providing integrated financial solutions for clients both retail and corporates. At the retail level, the lender offers countless solutions to meet the different needs of different customers.
In the corporate sector, Masraf Al Rayan offers a wide range of banking solutions, using them in financing working capital, purchase of goods, vehicles, equipment, machinery and other assets used in production.
This “wide range of products”, the bank said, helps its clients’ importing goods, equipment, machinery, other assets, and the financial ability to provide guarantees for the implementation of various projects.
The bank employs advanced technological solutions to provide ease and convenience to the clients and offers comprehensive banking services through the Internet “al Rayan Net,” “al Rayan Mobile,” and “al Rayan Call Centre” which operates round-the-clock.
Masraf Al Rayan said it was in the process of obtaining regulatory approvals in relation to Al Rayan Exchange Traded Fund (ETF); the first Shariah-compliant ETF to be listed on the Qatar Stock Exchange.