18 July, 2013
Article length: 891 words
Masraf Al Rayan, Qatar’s largest Islamic lender
Islamic bank Masraf Al Rayan (MAR) was incorporated as a Qatari shareholding company on 4 January 2006, and licensed by Qatar Central Bank (QCB). It grew rapidly after its launch that October to become the largest Islamic lender and fourth largest bank by market value. It continued to grow in 2011, when it picked up business as a result of the central bank’s decree closing the Islamic windows of commercial banks. Headquartered in Doha, it launched with a paid-up capital of QR7.5bn ($2.1bn).