Al -Rayyan Bank held the annual meeting of the regular general assembly and the extraordinary general assembly meeting of shareholders yesterday, Wednesday, and during the annual meeting of the ordinary general assembly, the shareholders approved the bank’s financial statements for the period ending on December 31, 2024, which recorded a net profit after tax deduction 1507 million Qatari riyals.
His Excellency Sheikh Mohammed bin Hamad bin Qasim Al Thani, Chairman of the Board of Directors, received the report of the company on the company’s activity and financial position for the year ending on December 31, 2024 and future plans.
He said, “The year 2024 was a pivotal year at Al Rayyan Bank, during which we witnessed the bank’s transformation march towards a new era in Islamic banking,” he said. In 2024, we started developing a new and comprehensive strategic plan aimed at converting the bank into a leading model in modern and distinguished services. ” He stressed: The bank’s investment in digitization using the latest technologies in the banking sector confirms our belief that digital innovation is the key to providing distinguished services. We are fully aware that staying at the forefront requires a vision that goes beyond the present and looks at the future.
He added: Change is a long journey and we are determined to succeed, and we aspire to rise to Al Rayyan Bank to the highest levels, God willing, and by devoting it a role model in the world of Islamic banks, where it combines originality and modernity, and serves its customers with the highest quality and transparency standards and provides the best possible and sustainable returns for shareholders ».
He added, “One of the most important pillars on which our new strategy is based on environmental and social responsibility and governance, as we launched a number of initiatives in this field to emphasize our responsibility towards the environment and society and our commitment to the best criteria for governance and the desired outputs of the national climate change plan in the State of Qatar, all of this with the aim of providing added value to shareholders.”
Then the association listened to the report of the esteemed Sharia Supervision Authority as well as the report of the auditors on the company’s budget and its accounts for the fiscal year 2024 and ratified them as it discussed and ratified the financial statements offered to the year ending on December 31, 2024 and approved the Board’s proposal to distribute cash profits for 2024 by 10% of the nominal value of the share, i.e. 0.10 riyals for each share and deporting the remaining profit as The proposal in the audited financial statements.
The association heard and approved the auditors report on the requirements of Article (24) of the corporate governance system and the legal entities listed in the main market issued by the Qatar Financial Markets Authority regarding adherence to the instructions of governance and the requirements of internal control over financial statements.
Then the association discussed and adopted the governance report for the year 2024, including the foundations and policy of granting rewards to members of the Board of Directors and Executive Administration. It also approved the appointment of Pray Water House Copers as the bank’s accounts for the fiscal year 2025 for the third year in a row, and then dismissed the members of the company’s board of directors of responsibility for their work and set their rewards for the year 2024.
During the extraordinary general assembly meeting, the shareholders agreed to the proposed amendments to Articles (1), (3), (20) and (67) of the basic system of the bank to authorize the Board of Directors with the validity of distributing interim profits in accordance with its absolute appreciation and according to the procedures in force in the laws and regulations applied in this regard in line with the generalization of the Qatar Financial Markets Authority No. (7) of 2023 regarding the distribution of phased profits and to amend the legal name The bank is from “Al Rayyan Bank To «Al Rayyan SARA Bank» And the increase in membership shares required to run for the membership of the Board of Directors to become 9 million shares for one candidate, provided that this amendment is applied starting from the elections of the Board of Directors for the next session. The shareholders authorized the Chairman of the Board and/or the Vice Chairman and/or who delegates the Council to complete the necessary procedures for the amendment, taking into account the necessary approvals from the competent official authorities.
His Excellency Sheikh Mohammed bin Hamad bin Qasim Al Thani concluded by saying:
“I extend my sincere thanks and gratitude to His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the country, for his wise leadership and his steadfast commitment to the prosperity of our nation. I also thank all regulatory authorities, employees, and customers, and you, our honorable shareholders, for your confidence and your continuous support. We ask God Almighty to grant us all success and enable us to work for our society and future generations. ”
