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Mon 21 Apr 2008 10:21 AM

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Masraf Al Rayan announces $59.85mn Q1 profit

Qatar's second-biggest Islamic lender says 2008 first-quarter profit grew five-fold.

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.

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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