Doha, January 12, 2023:
Masraf Al Rayan QPSC (the “Group”) is aware of news circulating in the market about a penalty imposed on Al Rayan Bank UK.

Al Rayan Bank UK, a subsidiary of Masraf Al Rayan QPSC, is an independent legal entity that operates under the laws and regulations of the United Kingdom.

The United Kingdom’s financial services regulator, Financial Conduct Authority or FCA, has completed its review of historic weaknesses in the UK subsidiary bank’s financial crime systems and controls that date back to a period between 2015 and 2017.

All identified weaknesses have been fully resolved with the support and assistance of external, independent subject matter experts.

The FCA found no evidence of any money laundering or other criminal activity by Al Rayan Bank UK nor its customers and none of Al Rayan Bank UK’s existing management were in a senior management function at the time.

We would like to assure our shareholders, customers, and the public, that the penalty has no material impact on the Group’s overall operations or financial position.

For media queries, please reach out to our Corporate Communications team at CC@alrayan.com

For investor queries, please reach out to our Investors Relations team at IR@alrayan.com.