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Thursday, 26 November 2009 22:33 UAE time

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Masraf Al Rayan announces $59.85mn Q1 profit

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 21 April 2008
PROFIT JUMP: Qatar's Masraf Al Rayan has announced a first quarter profit of $59.85 million. (Getty Images)
PROFIT JUMP: Qatar's Masraf Al Rayan has announced a first quarter profit of $59.85 million. (Getty Images)

Masraf Al Rayan, Qatar's second-biggest Islamic lender by market value, said on Monday first-quarter profit grew five-fold to 217.8 million riyals ($59.85 million).

Earnings per share of 0.29 riyals in the three months ended March 31 compared with 0.06 riyals in the year-earlier period, Masraf said in a statement on the Doha bourse website.

The lender made 43.5 million riyals in the first quarter of 2007.

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Islamic banks cater to Muslims who want to avoid earning or paying interest, viewed as usury under Islamic law.

Qatar Islamic Bank, the country's biggest Sharia-compliant lender by market value, said on Sunday first-quarter profit surged a record 69%. (Reuters)

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