Doha – Mubasher: The ordinary general meeting (OGM) of Masraf Al Rayan approved the recommendation of distributing 20% of the paid capital as cash dividends for 2016 at QAR 2 per share.

Al Rayan’s capital stands at QAR 7.5 billion distributed over 750 million shares at a par value of QAR 10 per share, bringing the total value of dividends to QAR 1.5 billion.

Profits rose 2.5% reaching QAR 2.076 billion in 2016, compared to QAR 2.026 in 2015, according to a statement to the Qatar Stock Exchange (QSE).

The OGM also approved the board of directors’ recommendation to issue Islamic sukuk equivalent to a maximum of $2 billion in any currency when necessary to fulfill the company’s liquidity needs.

The board elected seven new members for 2017 to 2019, including Hussain Ali Al Abdulla as chairman and Turki Mohamed Al Khater as his deputy.