Masraf Al Rayan (MAR), a leading Islamic bank in Qatar, has achieved a net profit of QR691 million ($189.7 million) in the first half of the year, an increase of 14 per cent compared to the net profit of QR605 million from the same period of 2010.

Dr Hussain Ali Al Abdulla, chairman and managing director of Masraf Al Rayan, said the impressive results demonstrate the success of MAR in achieving its set objectives.

The results reinforce the prudent policies of MAR which has helped in positioning the bank at the forefront of Islamic banking at the local and regional levels, he said.

The results also emphasize Masraf Al Rayan’s risk-free strategy in its operations and its commercial and investment decisions within the provisions of Islamic Shari’a, he added.

Dr Al Abdulla also announced that the board of directors has fulfilled its commitments and obligations towards the shareholders by paying dividends from the net profit of the first half of 2011 towards the remaining unpaid share capital.

Adel Mustafawi, Group CEO of Masraf Al Rayan, said the results were in line with the forecast growth and strategic plans of the bank, and a consequence of unmatched efforts by everyone associated with the bank at various levels.

The total assets of MAR reached QR48,934 million compared to QR29,074 million as of June 30, 2010, thereby registering an increase of 68 per cent.

The financing activities at MAR were worth QR28,331 million compared to QR20,903 million for the period under review, a growth of 36 per cent.

The customer deposits have increased to QR40,626 million compared to QR22,059 million as at the end of the first half of 2010, recording an increase of 84 per cent.

The total shareholders’ equity has gone up to QR7,820 million, compared to QR6,546 million as at the end of the first half of last year, registering a growth of 19.5 per cent.

MAR’s earnings per share (EPS) reached QR0.92 compared to QR0.81 in the first half of 2010, while the book value per share has risen to QR10.43, compared to QR8.73 as on June 30, 2010. The capital adequacy ratio has touched 20.57 per cent.

During the first half of this year, Masraf Al Rayan has reinforced its expansion strategy aimed at offering more accessible services to its customers.

The bank currently operates a total of 40 ATMs at strategic locations across Qatar and is expected to open a new branch in Barwa Village soon. With this, the total number of MAR branches will go up to 10. – TradeArabia News Service