• First merger of publicly listed banks in Qatar, creating one of the largest Shari’ah compliant banks in the region with over QAR182 billion in total assets
• With a robust capital position, and strong liquidity, the bank is in a prime position to accelerate Qatar’s journey towards Vision 2030
• Operating as AlRayan Bank with its head office in Lusail City, Qatar
• Customers will continue to be served as normal as products and services are integrated during 2022

Doha, 30 November 2021: AlRayan Bank (“Al Rayan”) Q.P.S.C. announces the successful completion of the legal merger (the “Merger”) with Al Khalij Commercial Bank (al khaliji) P.Q.S.C. Effective today, the two banks are considered one legal entity bearing the AlRayan Bank name (MARK) (ISIN: QA000A0M8VM3).

While the legal merger is complete in Qatar, the combined entity is focusing on operational integration of the two banks into one seamless platform. Integration activities will consolidate the best of both institutions to provide an enhanced product and service proposition. Customers should continue to bank as normal under Islamic Shari’ah principles. The integration of products and services is expected to be completed during 2022. The new board and leadership team is in place and will oversee the process. Customers, counterparts, and stakeholders will be advised in a phased manner on how the merger may impact them.

With over QAR182 billion in total assets, AlRayan Bank will be one of the largest Shari’ah compliant banks in the region. With a robust capital position, and strong liquidity, the bank is in a prime position to accelerate Qatar’s journey towards Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base. The merger is a turning point in Qatar’s banking sector, enabling growth for corporates facilitating landmark deals, fostering SME development and lending and supporting prosperity for our private clients to manage and grow their wealth and for our retail customers to reach their potential. The group has international operations in France, the United Kingdom and the UAE.

H.E Sheikh Mohammed bin Hamad bin Qassim AlAbdulla Al-Thani, Chairman of AlRayan Bank, commented: “The completion of this landmark transaction signals a new era in banking excellence in Qatar, and we would like to thank all those who contributed to this milestone, including our regulators, shareholders and employees. As one of the largest Shari’ah compliant banks in Qatar and the region, we are committed to supporting the State of Qatar’s economic growth and ambitions. Our bank will help drive the growth of the domestic banking sector and economy in line with Qatar National Vision 2030, as well as becoming a strategic partner for the public sector.”

H.E Sheikh Hamad bin Faisal bin Thani Al-Thani, Vice-Chairman of Al Rayan, stated: “With the successful completion of the merger, we are proceeding with integration in order to maximize benefits and increase capacity and improve efficiency. We will leverage the bank’s strength and capital base to provide our customers with competitive services and a superior banking experience under the new AlRayan Bank brand.”

Mr. Fahad Bin Abdullah Al Khalifa, Group CEO of AlRayan Bank, said: “This is an historic achievement for al khaliji, AlRayan Bank and the State of Qatar. Today marks the continuation of the next phase in our journey as AlRayan Bank, a leading Shari’ah compliant bank ready to spearhead the future of banking and committed to creating value for the nation and its people. Our customers remain our priority, and we look forward to ensuring a smooth transition as we accelerate our integration process. We would like to thank our regulators, shareholders, staff and all stakeholders involved for their support in helping us deliver on our goal of creating an Islamic banking powerhouse for our customers and our people. Our increased balance sheet and capital means we can better support our customers and deliver greater shareholder value.”

AlRayan Bank’s capital increases from QAR 7.5 billion to QAR 9.3 billion, and al khaliji shareholders receive 0.5 ordinary shares in AlRayan Bank as consideration for every ordinary share held. Trading in AlRayan Bank shares continues with the increased capital. al khaliji shares have been de-listed from the Qatar Stock Exchange (QSE).

About AlRayan Bank
AlRayan Bank was incorporated as a Qatari Public Shareholding Company in 2006 and is a Shari’ah compliant bank headquartered in Doha, Qatar. Qatari government entities are major shareholders with more than 30% ownership and the bank is currently rated A1 by Moody’s.

Al Rayan’s principal business activities include:

• Retail Banking: Offers current and savings account, time deposit account, financing and credit cards
• Wholesale Banking: Offers corporate finance & advisory services, financing products, cash management, treasury, trade finance
• Private Banking: Offers investment planning & asset management, wealth management, credit planning & management solutions

Al Rayan has a network of 15 branches in Qatar and 2 branches in the UK. www.alrayan.com

About Al Khalij Commercial Bank
Al Khalij Commercial Bank was incorporated as a Qatari Public Shareholding Company in 2007 and is a commercial bank headquartered in Doha, Qatar.

Qatari Government entities are major shareholders with more than 47% ownership and the bank is currently rated A by Fitch, and A3 by Moody’s.

Al Khaliji’s principal business activities include:

• Wholesale Banking: International banking, Corporate banking and Commercial banking products offered to local corporates and SMEs
• Treasury Services: Offers money market, investment and sales services
• Personal Banking: Comprises of private and premium banking services

al khaliji has a network of 2 branches (including the head office) in Qatar, and 3 branches overseas. www.alkhaliji.com

Important Notices
This press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. You expressly agree that your use of the information within this press release is at your sole risk, and it is recommended that you seek your own independent financial and legal advice from your independent adviser(s).

Statements contained in this press release are made as at the date of this document, unless some other time is specified in relation to them, and the publication of this document (or any action taken pursuant to it) shall not give rise to any implication that there has been no change in the facts or affairs of AlRayan Bank QPSC as set out in this document since such date. Nothing contained in this document is intended to be or shall be deemed to be a forecast, projection or estimate of the future financial performance of AlRayan Bank QPSC, and no statement in this press release should be interpreted to mean that earnings per share for current or future financial periods of AlRayan Bank QPSC will necessarily match or exceed historical published earnings per share.

Contact:
For further information, please visit www.alrayan.com, or contact:
Media enquiries: Eman.AlNaemi@alrayan.com
Customer enquiries: wecare@alrayan.com
+974 4425 3333 / 44940000
Investor Relations: IR@alrayan.com
Company Secretariat: Tony.Merhej@alrayan.com