What Masraf Al Rayan does

Masraf Al Rayan, legally AlRayan Bank Q.P.S.C., is a Qatar-headquartered Islamic bank listed on the Qatar Stock Exchange (ticker: MARK) that provides Sharia-compliant retail, corporate, premier, private, and investment banking services. It was founded in 2007 as Qatar's first Islamic bank and significantly expanded in 2021 through a merger with Al Khalij Commercial Bank under Group CEO Fahad Al Khalifa, giving it one of the largest Sharia-compliant balance sheets in the country. The bank operates domestically through a branch network and internationally through wholly-owned subsidiaries in the United Kingdom (AlRayan Bank PLC), France (Al Khaliji France S.A.), and the UAE (Al Khaliji France UAE branch), serving retail customers, SMEs, large corporates, financial institutions, and high-net-worth clients.

The product platform spans personal accounts (Current, Savings, Al Thahabi, Al Tijori, Term Deposit, Kids), Sharia-compliant financing (Personal, Home, Car), card products (Visa Platinum, Credit, Prepaid, Himyan with Avios rewards), corporate banking (trade finance, corporate cards, cash management, financial institutions), and AlRayan Investment for asset management and financial advisory. Digital distribution is anchored by the AlRayan Go mobile application for retail and the AlRayan CorpNet corporate internet banking portal, with payments extensions including Fawran QR, Apple Pay, E-Commerce gateway, and Visa Click to Pay. The bank also runs a Sukuk Program for wholesale Islamic funding and, in a sector first, launched a Sustainable Finance Framework with an S&P second-party opinion.

Masraf Al Rayan earns revenue primarily from Sharia-compliant financing activities, investment returns, and fee-based services across its retail, corporate, and investment banking divisions, with distribution executed through a mix of physical branches, relationship management for corporate and private banking, self-service digital channels, and ecosystem partnerships (Qatar Airways/Avios, Talabat, Media City Qatar). Pricing follows Islamic banking conventions (profit-sharing rather than fixed interest) and is not publicly disclosed; awards (Best Islamic Bank Qatar across 2023–2026 from multiple awarding bodies) and an ESG Bank of the Year 2023 recognition underscore the bank's positioning in the regional Islamic finance category.

Name

Masraf Al Rayan

Legal name

AlRayan Bank (Q.P.S.C)

Website

https://alrayan.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Masraf Al Rayan is a Qatar-listed Islamic bank offering Sharia-compliant retail, corporate, premier, private, and investment banking, formed via the 2021 merger of AlRayan Bank and Al Khalij Commercial Bank, with international subsidiaries in the UK, France, and UAE.

Ownership category

akta.pro rank

Product category

Islamic Banking

NAICS

Credit Card Issuing (52221), Trusts, Estates, and Agency Accounts (525920)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Islamic Corporate Banking (FSABAGAC)

akta.pro secondary industries

Islamic SME & Commercial Banking (FSABAGAB), Islamic Investment Banking & Capital Markets Services (FSABAGAG), Islamic Private Banking & Wealth (FSABAGAD), Sukuk Origination & Structuring (Bank-led) (FSABAGAL)

Keywords

• Islamic banking
• Sharia-compliant finance
• Retail banking
• Corporate banking
• Private banking

Headquarters

HQ city

Doha

HQ country

Qatar

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Islamic Banking Operations: Core banking operations generating income from Sharia-compliant financing activities, investment returns, and fee-based services across retail, corporate, and investment banking divisions

Distribution channels5 records

Marketing channels6 records

Core offering

Masraf Al Rayan (AlRayan Bank Q.P.S.C.) is a Qatar-based full-service Islamic bank offering Sharia-compliant retail, corporate, premier, private, and investment banking services. It operates a network of branches in Qatar alongside wholly-owned subsidiaries in the UK, France, and UAE, delivering products such as current/savings accounts, term deposits, personal/home/car financing, Sharia-compliant credit and prepaid cards, trade finance, cash management, asset management, and financial advisory. Digital delivery is provided through the AlRayan Go mobile application and the AlRayan CorpNet corporate internet banking platform.

Product overview

AlRayan Bank (Masraf Al Rayan Q.P.S.C.) operates as a full-service Islamic bank in Qatar offering a comprehensive suite of Sharia-compliant financial products and services. The product portfolio consists of a unified platform approach with distinct divisions: Personal Banking (Current Account, Savings Account including Al Thahabi and Al Tijori variants, Term Deposit, Kids Account), Card Products (Visa Platinum, Credit Cards, Prepaid Cards, Himyan Cards), Financing Solutions (Personal Finance, Home Finance, Car Finance), Corporate Banking (Financial Institutions, Trade Finance, Corporate Cards, Cash Management via AlRayan CorpNet), Premier Banking, Private Banking, and AlRayan Investment (Asset Management, Financial Advisory). Digital channels include AlRayan Go mobile banking app, E-Commerce payment gateway, Fawran QR payments, and an Investor Relations application. The bank also operates a Sukuk Program for capital markets activities. All products comply with Islamic banking principles under Sharia Supervisory Board oversight.

Differentiator

Problem solved

Functional benefit

Brands

• AlRayan Investment: Investment banking services including asset management and financial advisory
• AlRayan Go
• AlRayan CorpNet
• Himyan Cards
• Al Thahabi Account
• Al Tijori Account

Products and services

• AlRayan Go Mobile Banking Mobile banking application for retail customers enabling account management, money transfers, card controls, digital wallet integration, and Apple Pay support on smartphones and tablets.
• Current Account Sharia-compliant non-risk-bearing current account designed for everyday banking transactions for individual customers.
• Savings Account Islamic savings account offering competitive profit rates for individual depositors under Sharia-compliant structures.
• Al Thahabi Account Premium savings account offering higher profit rates for customers seeking enhanced returns on their deposits.
• Al Tijori Account Sharia-compliant savings account designed for business owners and traders.
• Term Deposit Account Fixed-term Islamic deposit account with guaranteed profit rates for specified investment periods.
• Kids Account Sharia-compliant savings account designed for children and minors.
• Personal Finance Sharia-compliant personal financing for individual needs including debt consolidation, education, and general expenses.
• Home Finance Islamic home financing product enabling customers to purchase property under Sharia-compliant structures such as Murabaha or Ijara.
• Car Finance Sharia-compliant vehicle financing for the purchase of new or used cars.
• Visa Platinum Card Premium Sharia-compliant credit card offering international purchasing power and travel benefits.
• Credit Cards Islamic-compliant credit card products offered across multiple tiers and benefit programs.
• Prepaid Cards Prepaid card products enabling controlled spending without traditional credit exposure.
• Himyan Cards Islamic prepaid and corporate card solutions with Avios rewards program integration for personal and business customers.
• Corporate Banking Comprehensive banking services for corporate clients including financial institutions, trade finance, corporate cards, corporate financing, and cash management solutions.
• AlRayan CorpNet Corporate Banking Portal Online corporate banking platform enabling business customers to manage accounts, payments, trade finance, and treasury operations digitally.
• Trade Portal Digital platform for managing trade finance and international trade transactions for corporate clients.
• Premier Banking Premium banking services for high-net-worth individuals offering dedicated relationship management, premier cards, and exclusive benefits.
• Private Banking Comprehensive wealth management and investment services for affluent clients with personalized financial advisory.
• AlRayan Investment Investment banking division offering asset management and financial advisory services to corporate and institutional clients.
• Asset Management Professional asset management services under AlRayan Investment providing Sharia-compliant investment solutions and discretionary portfolio management.
• Financial Advisory Expert financial advisory services provided to corporate and institutional clients on M&A, capital structure, and strategic transactions.
• Sukuk Program Islamic bond issuance program through which the bank raises Sharia-compliant capital from investors in the debt capital markets.

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Media City QatarcoreGTM or Marketing Partner · 1 December 2025Media City Qatar and AlRayan Bank partnered to enhance banking services for licensed companies within Media City Qatar. This partnership facilitates banking services for businesses operating within the Media City Qatar free zone, providing specialized corporate banking solutions.
• Qatar AirwayscoreGTM or Marketing PartnerAlRayan Bank maintains a partnership with Qatar Airways offering the Avios rewards program, allowing cardholders to earn and redeem Avios on international spending and participate in raffles for Qatar Airways tickets.
• TalabatminorGTM or Marketing PartnerAlRayan Bank partners with Talabat for customer promotions and rewards, offering cardholders exclusive deals and cashback opportunities on food delivery orders.

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Al Rajhi Bank: Largest Islamic bank globally by assets, headquartered in Saudi Arabia, offering retail, corporate, and investment banking on Sharia principles. Comparable in product breadth, Islamic finance scale, and regional GCC footprint.
• Emirates NBD: One of the largest banking groups in the Middle East, with both conventional and Islamic banking (Emirates Islamic) divisions. Competes with Masraf Al Rayan for GCC corporate, trade finance, and government-linked deals.
• Qatar National Bank (QNB): Largest bank in the Middle East and dominant Qatari incumbent offering full conventional and Islamic banking. QNB is Masraf Al Rayan's principal domestic competitor for corporate, government, and retail deposits in Qatar.

Direct peers

• Abu Dhabi Islamic Bank (ADIB): Major UAE-headquartered Islamic bank with retail, corporate, and private banking operations. Direct regional peer competing for institutional and HNW flows in the Gulf.
• Kuwait Finance House (KFH): One of the largest Islamic banks globally, headquartered in Kuwait with significant GCC and international operations across retail, corporate, and investment banking. Directly comparable as a full-service Sharia-compliant bank with cross-border subsidiaries.
• Dubai Islamic Bank (DIB): UAE's largest Islamic bank, offering retail, corporate, treasury, and Sharia-compliant investment products. Direct peer operating a near-identical product suite in a neighboring GCC market.
• Qatar Islamic Bank (QIB): Qatar's other principal Islamic bank, offering a near-identical Sharia-compliant retail, corporate, and investment banking product set. QIB is the most direct head-to-head competitor to Masraf Al Rayan in the domestic Islamic banking market.
• Alinma Bank: Saudi Arabian Islamic bank offering full-service Sharia-compliant retail, corporate, and investment banking. Comparable in business model, product mix, and GCC positioning.

Regional players

• Doha Bank: Qatari conventional bank that co-led the Ooredoo QAR 2B facility with Masraf Al Rayan and QNB. Domestic peer competing in the same corporate and SME segments of the Qatari market.
• Bank of London and Middle East (BLME): UK-based Islamic bank serving the European and GCC Sharia-compliant banking market. Comparable to AlRayan Bank UK as a European-domiciled Islamic banking competitor targeting similar cross-border trade and wealth flows.

Market position

Strengths1 record

Weaknesses2 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Masraf Al Rayan