The anticipated merger between Masraf Al Rayan (Masraf) and Al Khalij Commercial Bank (Al Khaliji) has achieved a further significant milestone this month as the shareholders of Masraf and Al Khaliji approved the merger during their respective extraordinary general assembly meetings.
The merger will result in new Masraf shares being issued to Al Khaliji shareholders on the basis of 0.5 new Masraf shares for each share in Al Khaliji. Many are looking forward in anticipation as this merger is set to create one of the largest Shariah compliant banks in the region, with a combined asset value of approximately QAR177 billion (US$48.31 billion).
This could ultimately enable the Islamic banking giant to meet the needs of a much wider range of clients and increase its market share and product innovation.
The Ministry of Finance reported on meetings held between Minister of Finance Ali Ahmed Al-Kuwari and his Libyan and Somali counterparts. The meetings took place on the 5th–6th October 2021.
The parties discussed bilateral relations between the countries, means to enhance them and reviewed aspects of cooperation. The Somali minister of finance in particular thanked Ali Ahmed for Qatar’s continued financial efforts and permanent support.
These meetings come at a time when Qatar looks to further relations with other Arab countries, and find mutual interests and ways to further develop the economic security of the region.
In the long term, Qatar is looking to establish itself as a hub for political, financial and economic growth both regionally and globally.
In other news, in a training day session held by QIIB, panelists and participants debated and discussed the rise of virtual currencies and financial technology (fintech) in the business world.
Dr Mashael Al-Sabah (a senior scientist at the Qatar Computing Research Institute (QCRI)) and Dr Yazan Boshmaf (a scientist in cybersecurity at QCRI) shed light on challenges faced by financial markets in light of the emergence of digital currencies and the controversy that surrounds them.
Since keeping pace with new innovations and technologies associated with fintech remains one of the biggest challenges in today’s world, the panelists emphasized the importance of understanding the potential impact of the crypto market on the global financial sector and business models as a whole.
Amjad Hussain is a partner at K&L Gates. He can be contacted at [email protected].