(MENAFN - The Peninsula) The newly-elected board of directors of Masraf Al Rayan has re-elected Dr Hussain Ali Al Abdulla as the chairman of the bank yesterday. Dr Thani Abdurehman Shaheen Al Kuwari is the new vice chairman
Earlier, the bank's ordinary general assembly elected the new board members of Masraf Al Rayan. They include Manahe Khalid Mohammed Al Hajri, Abdullah Ahmed Al Malki Al Jehani, Nasser Mohammed Al Abdullah, Khalaf Sultan Rashi Al Sahiri, Sheikh Nasser bin Hamad bin Nasser Al Thani. The assembly also elected four reserve members to the board
The general assembly approved the 10-member agenda, including the board's recommendation to distribute the cash dividends of QR1.5 per share which is equivalent to 15 percent of the total paid up shares of the bank
The meeting also approved an amount of QR12.90m as remuneration for the chairman and board members for the year ended on December 31, 2013.
Addressing the general assembly, Dr Hussain Al Abdullah, Chairman and Managing Director, said "the bank declared a net profit of QR1.7bn for the financial year 2013, a growth of 13.2 percent compared to 2012, reflecting an impressive performance that shall also pave the way towards achieving greater goals."
The results encouraged the board of directors at its meeting held on January 27, 2014 to recommend a distribution of a cash dividend of QR1.50 per share and to transfer to the legal reserves 20 percent of the 2013 net profit instead of 10 percent as specified in the Masraf Al Rayan's Articles of Associations.
Simultaneously, Masraf Al Rayan has shown a strong interest in continuing on its diversification course with the successful acquisition of the Islamic
Bank of Britain Plc and its solid resolve to meet all the requirements necessary to acquire a major stake in a commercial bank in Libya.
"Efforts will be made to convert the commercial bank in Libya into an Islamic bank very smoothly taking into account the current delicate state of affairs within the region while continuing in the Bank's quest to find more investment opportunities", added Dr Hussain
Adel Mustafawi, the Group CEO said once more Masraf Al Rayan's demonstrates its leadership standing in promoting Islamic finance in Qatar which is home to one of the World's fastest growing Islamic financial sectors.