Masraf Al Rayan Receives Shareholders’ Approval to Double Sukuk Issuance Programme to USD 4 Billion

Qatar-based Masraf Al Rayan (MAR) has received shareholders’ approval to double its Sukuk issuance programme size to a maximum of USD 4 billion from its current size of USD 2 billion on the 1st of March 2021, according to local media reports.

Why it matters?

The decision was based on the Board of Director’s recommendation to the General Assembly and the Central Bank of Qatar dated 14th of February 2021, which approved the increase size of the Sukuk issuance programme, provided that total issuances do not exceed 100% of the bank’s capital and reserves. Previously, under the bank’s existing USD 2 billion Sukuk programme, MAR successfully issued USD 750 million worth of Sukuk in August 2020 and USD 500 million worth of Sukuk in N...