Masraf Al Rayan-al Khaliji merger gets QFMA nod
The Peninsula
Doha: The Qatar Financial Markets Authority (QFMA) has approved the merger of Masraf Al Rayan QPSC and Al Khalij Commercial Bank (al Khaliji) PQSC. The merger of the two banks would create one of the Middle East’s largest Shariah-compliant groups.
“In connection with the merger agreement announced on January 7 2021, between Masraf Al Rayan QPSC and Al Khalij Commercial Bank (al Khaliji) PQSC, a merger application was filed with the QFMA. We are pleased to inform that the QFMA has approved the merger application, subject to applicable laws and regulations,” said Al Khaliji in a filing to the Qatar Stock Exchange, yesterday. Masraf Al Rayan had announced its potential merger with Al Khaliji Bank on June 30, 2020. Early this year on January 7, the banks announced the merger agreement. Following the Merger, Al Khaliji’s business will be absorbed into Al Rayan’s business, and Al Rayan will be the remaining legal entity, which will continue to operate in accordance with Islamic Shari’ah principles.More Related News