26/03/2025
Al-Rayan Bank announces the results of the AGM and EGM. The meeting was held on 26/03/2025 and the following resolution were approved
Resolutions of Ordinary General Meeting:
1. Considered and endorsed the Board of Directors’ report on the Company’s activities and its financial position for the year ended 31 December 2024 and the Company’s future plans;
2. Considered the Shari’ah Supervisory Board report on compliance of AlRayan Bank to Shari’ah rules for fiscal year ended on 31 December 2024;
3. Considered and endorsed the External Auditor’s Report on the Company’s financial position and the accounts submitted by the Board of Directors for the year ended 31 December 2024;
4. Discussed and endorsed the Company’s financial statements and income statement for the year ended 31 December 2024;
5.Endorsed the profits appropriation policy and approved the proposal of the Board of Directors regarding the distribution of cash dividends in the rate of 10% of the share nominal value (QAR 0.10 per share) for the year ended 31 December 2024;
6. Considered and endorsed the External Auditor’s report on the requirements of Article (24) of the Corporate Governance Code issued by Resolution No. (5) of 2016 of the Board of Directors of Qatar Financial Markets Authority (“QFMA”) regarding the Bank’s compliance with corporate governance regulations and Internal Control over Financial Reporting requirements;
7. Discussed and endorsed the Corporate Governance Report for 2024 including endorsement of the policy of remuneration and incentives of the Board and Senior Management members;
8. Absolved the Board members from any liability and fixed their remuneration for the financial year ended 31 December 2024;
9. Appointed PWC as the External Auditor of the Company for the financial year 2025 and fixed their fees;
Resolutions of Extraordinary General Meeting:
1. Approved the proposed amendments to the articles (10, (3), (20) and (67) of the Articles of Association of the Bank (“AoA”) authenticated under No. 149652/2022 dated 14/12/2022 as amended by the Appendix authenticated under No. 107618 dated 01/05/2024 to comply with the Circular No (7) of 2023 issued by the Board of Qatar Financial Financial Markets Authority on Iterim Dividends, to amend the legal name of the Bank from “Masraf Al Rayan” to “AlRayan Bank”, and to amend the conditions of qualification shares from 1 million to 9 million shares to match the Bank’s capital size and risk profile provided that such proposed change to Article (20) enters into effect starting from the next Board elections. The shareholders authorized the Chairman of the Board, Vice Chairman, and/or other Board delegate to complete the necessary formalities in respect of the amended AoA subject to necessary regulatory approvals.