Qatar's Masraf Al Rayan to double sukuk programme size to $4bln

Shareholders also approved the board's proposal regarding a cash dividend of 0.170 Qatari rial per share

  
A general view of the Qatar skyline on February 20, 2014 in Doha, Qatar.

A general view of the Qatar skyline on February 20, 2014 in Doha, Qatar.

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Qatar-based Islamic bank, Masraf Al Rayan (MAR) has received shareholders' approval for doubling its sukuk issue size to a maximum of $4 billion.

The general assembly on Monday agreed to increase the size of sukuk issuance programme from its current size of $2 billion, provided that the total issuances do not exceed 100 percent of the bank's capital and reserves.

Shareholders also approved the board's proposal regarding a cash dividend of 0.170 Qatari rial per share for the fiscal year 2020, representing 17 percent of the paid-up capital.

The lender last month reported preliminary net profit of 2.17 billion rials, nearly unchanged from the year-ago period.

MAR last month said it plans to merge with Al Khalij Commercial Bank. Upon the completion of the merger, expected by second half of 2021, Al Khalij Commercial Bank will be dissolved and MAR will be the surviving entity, continuing to operate as an Islamic bank.

(Reporting by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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