AlRayan Bank, formerly known as Masraf Al Rayan, stands as a cornerstone of Islamic banking in Qatar, delivering a comprehensive suite of Sharia-compliant banking, financing, and investment services. Established in 2006, the bank has evolved into a significant financial institution, not only within Qatar but also on the global stage, with operations in the UK, France, and the UAE. As of 2025, AlRayan Bank has embraced a transformative journey, rebranding in November 2024 to embody its new vision of “Leading Forward.” This rebranding underscores its commitment to innovation, customer empowerment, and supporting Qatar’s vision for sustainable economic growth, positioning it as a leader in modern Islamic banking.
History and Milestones
AlRayan Bank’s journey began in 2006 when it was founded as Masraf Al Rayan, with a mission to provide financial solutions rooted in Islamic principles. Over nearly two decades, the bank has achieved numerous milestones that have solidified its reputation. A pivotal moment came in November 2024, when the bank rebranded as AlRayan Bank, unveiling a new strategy and identity under the slogan “Leading Forward.” This transformation, celebrated in the presence of Qatar Central Bank’s Governor, H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, marked a commitment to redefining Islamic banking through innovation and efficiency.
In December 2024, AlRayan Bank launched its “AlRayan Go” mobile banking app, a significant step toward digitalization that enhances customer access to banking services. Additionally, in November 2024, the bank announced plans to acquire a 1.66% stake in Al Rayan Bank, strengthening its international presence. Another key milestone was the June 2024 memorandum of understanding with the Qatar Financial Centre Authority (QFCA), aimed at fostering innovation in fintech and digital assets, aligning with Qatar’s economic diversification goals.
Operations and Services
AlRayan Bank operates through five core segments: corporate banking, retail banking, treasury and financial institutions, asset management, and international operations. These segments enable the bank to serve a diverse clientele, including corporate, commercial, and individual customers, as well as high-net-worth individuals and institutional investors. All services adhere strictly to Sharia principles, ensuring ethical and compliant financial solutions.
Retail Banking
The retail banking division offers a variety of products, including current, savings, investment, and term deposit accounts, as well as specialized kids’ accounts. Customers can access personal, car, and home financing solutions, along with credit, debit, corporate, and prepaid cards. These offerings cater to the everyday financial needs of individuals and families.
Corporate Banking
In the corporate sector, AlRayan Bank provides tailored solutions such as corporate finance and advisory services, financing products, cash management, treasury services, and trade finance. These services support businesses across various industries, helping them achieve their financial and strategic objectives.
Private Banking
The private banking division delivers bespoke services, including investment planning, asset management, wealth protection, credit planning, and business planning. These offerings are designed for high-net-worth individuals and institutional clients seeking personalized financial strategies.
Investment Banking and Other Services
AlRayan Bank also engages in investment banking activities, such as Sukuk and debt issuance, over-the-counter risk management, and real estate consulting. It manages mutual and exchange-traded funds, providing investors with opportunities to diversify their portfolios. The bank’s international operations in the UK, France, and the UAE further expand its reach, allowing it to serve a global clientele while maintaining its Islamic banking ethos.
With a robust network of branches and ATMs in Qatar, complemented by its international presence, AlRayan Bank ensures accessibility and convenience for its customers. Its headquarters, located at 69 Alad Al Sharqi Street, Lusail, Doha, Qatar, serves as the hub for its operations.
Financial Performance
AlRayan Bank’s financial performance underscores its strength and stability in the competitive financial sector. In 2023, the bank reported a revenue of $2.8 billion, reflecting a 3.7% increase from the previous year. Its net income grew by 3.8%, though specific figures are not publicly available. The bank’s market capitalization stands at $5.8 billion, highlighting its significant presence in the Qatari financial market. Additionally, the net profit margin for 2024 showed a modest increase of 0.1% compared to 2023, indicating consistent profitability.
These metrics demonstrate AlRayan Bank’s ability to maintain growth and resilience, even in a dynamic market environment. Strategic initiatives, such as the rebranding and digital transformation, are expected to further bolster its financial performance in the future.
Leadership
At the forefront of AlRayan Bank’s success is Fahad Abdullah Al-Khalifa, who serves as the chief executive officer. Under his leadership, the bank has navigated significant transformations, including the 2024 rebranding and the expansion of its digital and international offerings. Al-Khalifa’s strategic vision emphasizes innovation, customer-centricity, and alignment with Qatar’s economic goals. His leadership has been pivotal in positioning AlRayan Bank as a trailblazer in modern Islamic banking, earning it recognition as a trusted financial institution.
Recent Developments
AlRayan Bank has made several strategic advancements in recent months, reinforcing its commitment to innovation and growth. The launch of the “AlRayan Go” mobile banking app in December 2024 marks a significant milestone in the bank’s digital transformation. This app provides customers with a seamless and secure platform to manage their finances, meeting the growing demand for digital banking solutions.
In November 2024, the bank announced its intention to acquire a 1.66% stake in Al Rayan Bank, a move expected to strengthen its presence in the UK market and enhance its global footprint. This acquisition aligns with AlRayan Bank’s goal of becoming a leading global Islamic financial institution.
The June 2024 partnership with the Qatar Financial Centre Authority (QFCA) is another key development. This collaboration focuses on promoting innovation in the fintech and digital assets sectors, supporting startups, and contributing to the growth of Qatar’s financial ecosystem. By positioning itself at the forefront of financial technology, AlRayan Bank is helping shape the future of the industry in the region.
AlRayan Bank, with its rebranded identity and forward-looking vision, is well-positioned to lead the evolution of modern Islamic banking. Its commitment to innovation, customer empowerment, and sustainable growth enables it to meet the diverse needs of its clients while contributing to Qatar’s economic development. Under the leadership of Fahad Abdullah Al-Khalifa, and with a strong financial foundation and strategic initiatives like the “AlRayan Go” app and fintech partnerships, AlRayan Bank is poised for continued success. As it expands its global presence and embraces digital transformation, the bank is set to shape the future of Islamic banking, both regionally and internationally.
