Masraf Al Rayan's AGM Endorses Items on Agenda , Approves Distribution of 20% Cash Dividends

April 03, 2017

Masraf Al Rayan announced the resolutions of AGM held on 2/4/2017.  The following resolutions were passed: 

1.         The General Assembly discussed the Board of Directors report on the activities of Masraf Al Rayan and its financial position for the fiscal year ended on 31st December 2016 and the future plans of the Bank.

2.         The General Assembly discussed the Shari’ah Supervisory Board report in compliance of Masraf Al Rayan with Shari’ah rules for fiscal year ended on 31st December 2016.

3.         The General Assembly discussed and approved the External Auditors report on the Balance Sheet and Income Statement of Masraf Al Rayan as presented by the Board of Directors for the fiscal year ended on 31st December 2016.

4.         The General Assembly discussed and approved the financial Statements of Masraf Al Rayan for the fiscal year ended on 31st December 2016.

5.         The General Assembly discussed and approved the proposals of the Board of Directors regarding appropriation and cash dividend of QR.2.00 per share, representing 20% of the paid-up capital for the fiscal year 2016.

6.         The General Assembly discussed and approved the Corporate Governance Report of Masraf Al Rayan for the year 2016.

7.         The General Assembly agreed to absolve the Chairman and Members of Board of Directors from all responsibilities for the fiscal year ended on 31st December 2016, and approved an amount of QR 14,300,000 (QR Fourteen Million and Three Hundred Thousand) as remuneration for the Chairman and Board Members for the year ended on 31st December 2016.

The General Assembly also approve the updated guide of Rules of Compensation and Remuneration of the Board of Directors.

8.         The General Assembly approved the Board of Directors' recommendations concerning the appointment of the Shari’a Supervisory Board of Masraf Al Rayan for the coming 3 years (2017- 2019) and gave 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 fix their remunerations and gave them the power to handle any other issues related to Shari'a Supervisory Board during the period mentioned herein above.

9.         The General Assembly approved the Board of Director’s recommendations for issuance of up to a maximum of US$ 2 billion equivalent of Islamic Sukuk –when necessary and in whatever currency– to meet Masraf Al Rayan's liquidity needs.  Also, The General Assembly gave the power to the Board of Directors of Masraf Al Rayan to implement the Sukuk issuance in  stages according to Masraf Al Rayan's need, subject to the approval of the concerned governmental authorities.

10.       The General Assembly agreed to appoint “KPMG “ to audit Masraf Al Rayan and its Subsidiaries (excluding Al Rayan–UK) for fiscal year 2017 and approved their fees of QR 1,195,000.

11.       The General Assembly elected 7 members to be Board members for 3 years (2017-2019). 

Later On after the meeting of the General Assembly meeting , The Board of Directors of Masraf Al Rayan held  a meeting  and elected H.E. Dr. Hussain Ali Al Abdulla as " Chairman & Managing Director " and elected H.E.  Turki Mohamed Al Khater as  "Vice Chairman".  

       To view the list of elected board members    click here