Masraf Al Rayan to pay 10% cash dividend

Masraf Al Rayan (Qatar Exchange: Rayan) has announced the distribution of 10% cash (QR 1) dividend of the par value of its share to its shareholders and has rescheduled it Extra-ordinary General Meeting to March 25 next due to lack of quorum, according to a QE notification Tuesday. These decisions besides approving the bank’s financial report for the year ended December 31, 2012 and other topics on the agenda at its Annual General Meeting here. The Shari’a Supervisory Board presented its report on compliance of Masraf Al Rayan with Shari’a principles for fiscal year ended on 31st December 2012 and the external auditor’s report for 2012 was also presented at the meeting. The AGM agreed to absolve the Chairman and Members of Board of Directors from all responsibilities for the fiscal year ended on December 31, 2012 and approved QR 9,860,000 as remuneration for the members of the Board of Directors for the same year. The Shareholders also approved the updated copy of the bye-Laws which regulates and determines the basis for the calculation of the remunerations, expenses and allowances to be paid to the members of the Board of Directors. KPMG was appointed External Auditors for fiscal year 2013 and approved their fees of QR 300,000. The bank posted a net profit of QR1.52 Billion for the fiscal year 2012, an increase of 7.9% compared to 2011. The bank’s total assets reached QR61.62 Billion compared with QR 55.27 Billion in December 31, 2011, representing 11.5% growth. Financing activities increased to a total of QR42.76 Billion compared to QR 34.76 Billion in 2011, an increase by 23%. The deferred EGM will be held at 4pm on March 25 at Doha Sheraton Hotel.