Masraf Al Rayan announces net profit of QAR667 Million for the first half of 2007

Declaring a profit of QAR667 Million, Dr. Hussain Al-Abdulla, Chairman of the Board and Managing Director of Masraf Al Rayan, stated, "We have exceeded expectations for the bank's first full half year results and we are confident of future prospects."

"The first half of the year was very positive for Masraf Al Rayan, despite a competitive banking environment in Qatar. Following our launch in October 2006, this period has been one of establishment and development of the bank's infrastructure, as we set up our organisation, products and services in order to better serve our customers' investments and their personal and business financial needs,"

said Dr. Al-Abdulla.

Dr. Al Abdulla explained that the financial results clearly reflected the heightened progress of the bank in the first half of 2007, as the assets reached QAR8,264 million compared to QAR4,324 at 31 December 2006 - a growth of 91%. Also, the customers' deposits jumped significantly to QAR2,985 million from QAR223 million at the end of 2006. The Shareholders equity reached QAR5,035 million compared to QAR4,078 million at the end of 2006, a growth of 24%. The annual return on the share capital reached 35% compared to 3% at the end of 2006. The annual return on equity reached 24.7% compared to 2.8% at the end of 2006.

The bank's excellent performance can be attributed to several factors, explained Dr. Al- Abdulla: "Today's successful financial figures are the result of detailed planning and hard work undertaken by the bank's strong team. By recruiting the best financial experts and through our Qatari executive trainee programme, we have assembled a world class team that have allowed us to reach our current position in the market. We are introducing a fresh approach to banking with innovative products and superior service that align with customer requirements and convey the message that Masraf Al Rayan is a serious player in the financial market."

Masraf Al Rayan has also demonstrated its ability in the competitive commercial banking sector with multi-million dollar financial and investment deals signed in Qatar, the region and internationally, contributing to the bank's success.

Even with the impressive financial results, Dr. Al-Abdulla sees the focus on future challenges as key to the continuing growth of the bank. "When Masraf Al Rayan sets higher standards in banking, others will eventually follow. We need to continue raising the bar and not become complacent as a result of our current success."

"Our forward strategy includes expanding our retail business and investments. Each new branch will showcase the bank's unrivalled range of personal, private, business and investment products in luxurious surroundings. In addition, we will continue to introduce new and innovative products and unique concepts never been seen before in the region, concluded Dr. Al-Abdulla.