Masraf Al Rayan QPSC (‘Al Rayan’) and Al Khalij Commercial Bank (al khaliji) PQSC (Al Khaliji) yesterday announced appointment of Fahad Al Khalifa as the ‘Group CEO’ of the merged bank. Last month, the Qatar Financial Markets Authority (QFMA) approved the merger of Masraf Al Rayan and Al Khalij Commercial Bank. The merger of the two banks would create one of the Middle East’s largest Shariah-compliant groups.
“Following the merger announcement on January 7, 2021, Masraf Al Rayan QPSC and Al Khalij Commercial Bank (al khaliji) PQSC (‘Al Khaliji’) have announced the appointment of Fahad Al Khalifa as the ‘Group CEO’ of the merged bank from the date the shareholders of both banks Al Rayan and Al Khaliji approve the merger and obtaining Qatar Central Bank final approval on the merger, subject to all necessary approvals on the appointment,” said Masraf Al Rayan and Al Khalij Commercial Bank in a statement posted on Qatar Stock Exchange website.
Following the merger, Al Khaliji’s business will be absorbed into Al Rayan’s business, and Al Rayan will be the remaining legal entity, which will continue to operate in accordance with Islamic Shari’ah principles.
Al Khalifa is a senior banker with over 25 years of experience. He started his career in 1994 with Qatar Central Bank (QCB) then he moved to Qatar National Bank (QNB) Treasury group, where he consistently moved up the ranks to become the Group Treasurer and GM Group Corporate & Institution Banking, before joining AK as GCEO in September 2014. Al Khalifa holds a BSc in Finance from Seattle University in the United States of America.
The merger will lead to the formation of a larger and stronger bank with a strong financial position and high liquidity with a variety of banking activities, customer portfolios, distinctive products, and a stronger base for financing development initiatives.
The merger is also expected to contribute positively to the economic development in Qatar by supporting corporate businesses and small and medium sized entities, and will also create a strategic partner for the public sector. Additionally, the merger will combine the key strengths of the two banks in the areas of retail and private banking services, corporate and government institutions, capital markets, and wealth and asset management, giving the combined business both an excellent proposition for customers and stability through diversification for shareholders.
