Masraf Al Rayan Assembly Approves Agenda, Distribution of 20% Cash Dividend

February 28, 2018

Masraf AL Rayan announced the resolutions of Ordinary General Assembly meeting helf on 27 February, 2018,  and approved the following:

General Assembly meeting approved the following: 

1.The Board of Directors report on the activities of Masraf Al Rayan and its financial position for the fiscal year ended on 31st December 2017 and the future plans of the Bank for the year 2018 were presented to the General Assembly and approved.

2.Shari’ah Supervisory Board report on compliance of Masraf Al Rayan to Shari’ah rules for fiscal year ended on 31st December 2017 was presented to the General Assembly.

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 2017.

4.The General Assembly discussed and approved the financial Statements of Masraf Al Rayan for the fiscal year ended on 31st December 2017.

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 2017.

6.The General Assembly discussed and approved the Corporate Governance Report of Masraf Al Rayan for the year 2017.

7.The General Assembly discussed and approved absolving the Chairman and Members of Board of Directors from all responsibilities for the fiscal year ended on 31st December 2017, fixing their remuneration for the year ended on 31st December 2017 of a total amount of QR.14,300,000. The General Assembly also approved the new guide of rules of compensation and the remuneration of the Board of Directors.

8.The General Assembly agreed to appoint “Deloitte and touch" to audit Masraf Al Rayan and its Subsidiaries (excluding Al Rayan–UK) for fiscal year 2018 and approved their fees of QR  1,115,000.