+ A
A -
Asif Iqbal
Doha
Masraf Al Rayan, a leading bank of the country and the region, has officially inaugurated its new premiere banking branch at the iconic Al Hazm Mall.
The opening of the new branch comes as part of the bank's strategy to meet the numerous requirements of its increasing client base.
"We had a soft opening of this branch on December 3, 2017 and today we are making the official opening of the branch," Fahad Mohammed al Emadi, the Branch Manager, told Qatar Tribune on Wednesday.
According to Emadi, the new premi'e8re banking branch will target high net worth individuals (HNWIs) and will be offering special services to them."The branch is for all individuals drawing a monthly salary of more than QR50,000 per month or have a deposit for QR1 million," Emadi said.
Emadi further said the bank would be having relationship managers to assist every client in managing their accounts and investments. A new signature credit card will also be offered to customers that will enable them to access VIP lounges in 750 airports across the world.
"Another feature of the credit card is that for every QR6 spent, customers will get one Masraf point which can be redeemed with Qatar Airways or Oreedoo's Nojoom points. Likewise, the credit card offers special discounts with some leading merchants," Emadi said.
Currently, Masraf Al Rayan operates 15 branches in Qatar, including this new branch, supported by a network of more than 70 ATMs. Like other branches of the bank, the new branch is operated by highly qualified staff, supported by several innovative technologies.
As one of the most profitable banks, in the nine months ended 30 September 2017, Masraf al Rayan reported a net profit of QR1,562 million, with assets growing by 13.4 percent to reach QR98,613 million.
The quality of the bank assets (both financing assets and investments) continues to be one of the best in the region and globally, maintaining a non-performing financing ratio (NPL) of 0.15 percent, which has been maintained consistently within this level for the past many years. Masraf Al Rayan continues to lead the banking sector with one of the best operational efficiency ratio of 21.9 percent compared to its peers in the market.
On the profitability indicators, Masraf Al Rayan again continued to maintain its leading position with return on average assets at 2.19 percent and return on average equity at 16.35 percent, despite depositors'share of profits increasing by 33.6 percent due to higher cost profits on deposits at local and international levels.
Masraf Al Rayan's net profit for the period ended 30 September 2017 compared to the similar period in 2016 increased by 6.5 percent, adjusted for non-recurring investment gain from associates recognised in the first nine months of 2016.
Masraf Al Rayan was incorporated as Qatari Shareholding Company under the Qatar Commercial Company Law, on 4th January 2006, and licensed by Qatar Central Bank. As per its Articles of Association, the bank is engaged in banking, financing and investing activities in conformity with the principles of Islamic Shari'a. Headquartered in Doha, with a paid up capital of QR7.5 billion ($2.1 bn), it was launched in October 2006.
The bank is structured into three main business divisions: Retail Banking, which offers a variety of products and services such as current and saving accounts, time deposit accounts, financing, credit cards; Wholesale Banking, which offers products and services such as corporate finance and advisory services, financing products, cash management, treasury, trade finance and products and services designed to meet the need for small and medium enterprises; and Private Banking, which offers tailored solutions in the areas of investment planning and asset management, wealth management, credit planning and management.
In 2008, Al Rayan Investment (ARI) was launched with a paid capital of $100 million (fully owned by the bank) as its Islamic Investment and Asset Management arm.
The bank continues to focus on providing integrated Sharia-compliant financing solutions for retail and business customers, as the bank has traditionally provided banking and financing solutions for individuals to meet their different needs.
In the corporate sector, Masraf Al Rayan has a wide range of banking and financing solutions, all of which are compatible with the provisions of the Islamic Sharia.
Masraf Al Rayan also focuses on developing its use of advanced technological resources offering comprehensive banking services via alternative channels such as retail and corporate internet banking, mobile banking app and telephone banking.
Masraf Al Rayan continues to focus on diversifying its products and advancing its services to meet the increasing needs of its client base with the required flexibility and maximum level of ease, using new technologies to enable optimal customer experience.
The participation of Masraf Al Rayan is not confined to public issues and it extends to other important domains, including preserving the environment and avoiding harmful behavior, and encouraging healthy and sporting activities of individuals in various fields.
