The Shareholders of Masraf al Rayan Q.P.S.C. and Al Khalij Commercial Bank Q.P.S.C. Approve Merger of Banks

Earlier this month the shareholders of each of Masraf al Rayan Q.P.S.C. (“Al Rayan”) and Al Khalij Commercial Bank Q.P.S.C. (“Al Khaliji”) attended the Extraordinary General Meetings (“EGMs”) of their respective banks to approve their proposed merger. During each meeting the shareholders approved multiple resolutions relating to the operations and merger of the two entities.

During the EGMs both sets of shareholders also approved the Merger and the Fairness Opinion Report by Barclays Bank PLC, concluding that the Exchange Ratio through which Al Khaliji shareholders will receive 1,800,000,000 new shares in Al Rayan’s share capital was fair.

The merger will make Al Rayan one of the leading Shari’ah compliant banks with combined assets amounting to approximately QR 177,000,000,000.