Doha-Mubasher: Masraf Al Rayan announced in a bourse filing that it has scheduled its ordinary and extraordinary general meetings to be held on March 2, 2015.

The ordinary general meeting will discuss the Board’s recommendation to distribute a cash dividend of 17.5% of the nominal value (QAR 1.75 per share), as well as reviewing its financial statements for the fiscal year (FY) 2014.

The bank had reported a net profit rise by 17.6% to QAR 2 billion during FY14, compared to figures from FY13.

Moreover, the extraordinary general meeting will also convene on the same date to approve the amendments to the bank’s Articles of Association, including the replacement with Qatar Diar by Qatar Holding. 

The meeting will also discuss the introduction of two new activities including dealing in derivatives.

The statement highlighted that the meeting will be postponed to Sunday, March 8 in case of an incomplete quorum.

It is worth highlighting that Al Rayan’s capital amounts to QAR 7.5 billion, distributed on 750 million shares at QAR 10 par value.