Satish Kanady: Qatar’s Islamic lender Masraf Al Rayan announced yesterday that it has decided to suspend the activities of its brokerage company Al Rayan Financial Brokerage Company (ARB), and its licence which has been issued from the Qatar Financial Markets Authority.
ARB is a fully owned subsidiary of Masraf Al Rayan with a paid up capital of QR 50m, representing 0.06 percent of the total assets of Masraf Al Rayan as of September 30, 2016.
This decision comes after obtaining the necessary approvals from the regulatory authorities, and in consultation and coordination with the Qatar Financial Markets Authority as well as Qatar Central Securities Depository and Qatar Stock Exchange (QSE), the bank said in a regulatory filing.
The last date of trading through the company has been decided to be on Thursday, January 12, 2017. All remaining client stocks’ shall be transferred to their accounts at the Qatar Central Securities Depository prior to terminating activities as of Thursday, February 23, 2017.
Al Rayan Financial Brokerage Company assured its customers, employees and other stake-holders that it would comply with the instructions of the Qatar Financial Markets Authority, QSE, and Qatar Central Securities Depository to protect direct and indirect stakeholders’ rights as they may pertain to the suspension of the activities of the company as per the plan established by the Company’s management.
